Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home.

“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. 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,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

“Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,” said TRREB’s Chief Information Officer Jason Mercer.

GTA REALTORS® reported 5,011 home sales through TRREB’s MLS® System in March 2025 – down by 23.1 per cent compared to March 2024. New listings in the MLS® System amounted to 17,263 – up by 28.6 per cent year-over-year. On a seasonally adjusted basis, March sales were down month-over-month compared to February 2025.

The MLS® Home Price Index Composite benchmark was down by 3.8 per cent year-over year in March 2025. The average selling price, at $1,093,254, was down by 2.5 per cent compared to the March 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite was down and the average selling price was flat.

“While the policy debate heading into the federal election has rightly been focused on our cross-border trade relationship, it has also been important to see that the federal parties continue to view housing as a key priority based on the various election platforms. This is in line with recent polling suggesting access to housing options that are affordable remains top-of-mind for all Canadians. Building this housing will be a key economic driver moving forward,” said TRREB CEO John DiMichele.

Source: TRREB Market Watch Report for March 2025