The year of unpredictability continues.
The stock market has plunged, we’re in an election period, and there’s snow in April.
With a market that’s in flux, given the day-to-day changes in the political and economic climate, what we can say with confidence is that GTA Real Estate is more affordable than it was a year ago.
The cost to borrow money and the average price of a home have gone down over the past year, and with further rate cuts anticipated this spring, it could become more affordable.
As the March numbers show, the GTA Real Estate market remains relatively flat, but listings are growing. Buyers may be waiting for further cuts, some sign of economic stability, or the election result before entering the market.
GTA
For the second month in a row, the Average Sales Price grew, this time from $1,084,547 to $1,093,254 (+0.8%). While a smaller rise than the 4.2% growth from January to February, it could be a sign of an upward trend. As mentioned, this price is lower than in 2024, when it was $1,120,984 (-2.5%). While this drop was slightly more than February’s year-over-year fall, it’s not far off.
Total Sales
The difference in month-to-month Total Sales was more sizeable, as they rose from 4,037 in February to 5,011 in March. That 24.1% growth compares to a 17.0% gain from February to March 2024. However, the 5,011 sales last month were 23.1% lower than the 6,519 last March.
New Listings
Per the February to March month-to-month trend, New Listings rose, this time from 12,066 to 17,263. That increase of 43.1% is much higher than last year’s 15.1% increase for the same period, in which 13,425 were recorded.
Active Listings
After falling just short of 20K Active Listings in February at 19,536, March clocked 23,462 (+20.1%). This 2025 metric continued to outshine 2024, as last month’s numbers were 88.8% higher than the 12,429 listed last year.
Toronto
The City of Toronto’s Average Sales stayed above $1M, rising from $1,087,077 to $1,110,924 (+2.2%). Total Sales rose again, this time sizeably, from 1,540 to 1,908 (+23.9%).
The City of Toronto’s New Listings jumped significantly after a 2% fall in February, from 4,641 to 6,421 (+38.3%). Active Listings continued to rise, from 7,809 to 9,122 (+16.8%).
The Sales-to-New-Listings Ratio (SNLR) dropped even further across the board. In the GTA, it fell to 36.6% from 38.4%. For the 416, the SNLR from 37.1% to 35.6%.
Outlook
Inventory is expected to remain plentiful, at least in the short term. While the level of uncertainty hasn’t changed in the last month, we are now in an election cycle. Housing is one of the significant election topics featured throughout all party platforms, so it’s interesting to see how each plan addresses affordability. In addition, with another rate announcement on April 16th, the market will remain near the top of the news cycle again this month.
If you’re unsure of how to approach these turbulent times, I can help you find the right path!
Thinking of moving to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
Image Attribution: Elin Melaas from Unsplash
