The Numbers for March are In!

According the TRREB Market Watch Report homeownership in the GTA became more affordable this March compared to last year, thanks to a combination of lower borrowing costs and softer home prices. Monthly mortgage payments are now more manageable, especially for households looking to enter the market.

Increased listings are giving buyers more choice and greater negotiating power, helping to keep prices in check while improving overall affordability. This is welcome news as we head into the spring market, where further rate cuts are expected to support demand.

However, with ongoing trade uncertainty and an upcoming federal election, many potential buyers are holding off on making a move. Confidence in the economy and job security remains a key factor in driving home buying activity.

Looking ahead, if economic conditions stabilize and public policy becomes more supportive, we may see a boost in sales activity. In the meantime, current market conditions present a good opportunity for well-prepared buyers.

The catch? We are seeing the return of multiple offer situations as well as pre-emptive offers in sought after west-end neighbourhoods. The current market is a mix of homes selling quickly for well over asking & homes that are sitting for a few extra days on market providing an opportunity for buyers.

In this dynamic landscape, having a knowledgeable and trusted realtor by your side is essential. Whether you’re thinking about buying, selling, or just exploring your options, we’re here to help guide you every step of the way!

Looking to buy or sell a home in Toronto? Average prices in March were as follows:

➕Detached $1,723,489 [+1% vs. 2024]
➕Semi-detached $1,337,498 [+3% vs. 2024]
➕Townhouse $975,801 [-2% vs. 2024]
➕Condo $716,460 [-2% vs. 2024]

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Data presented is for City of Toronto Only. Source: TRREB.