A total of 5,011 home sales were transacted through the Toronto Regional Real Estate Board’s (TRREB) MLS System in March, a 23.1% year-over-year decline. On an unadjusted basis, March sales were down month-over-month compared to February.
While sales were down, new listings were on the rise – 17,263 the MLS System, up by 28.6% from March 2024.
The MLS Home Price Index Composite benchmark was down 3.8% year-over-year in March while the average selling price at $1.09 million represented a 2% decline from one year earlier.
“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring,” said TRREB President Elechia Barry-Sproule. “Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve.”
