As the spring market kicks off, homeownership across the Greater Toronto Area has become more financially accessible. Mortgage rates and average prices have both declined year-over-year, giving prospective buyers a more manageable path to property ownership. Yet despite these improvements, broader economic uncertainties continue to influence buyer confidence.
Sales Down, Listings Up: Market Favouring Buyers
According to the Toronto Regional Real Estate Board (TRREB), a total of 5,011 homes were sold in March 2025 across the GTA, a 23.1% drop compared to March 2024, which saw 6,119 transactions. This decline reflects the ongoing caution among buyers as economic and policy shifts continue to unfold.
On the upside, March sales were up compared to February 2025, which saw 4,037 transactions, suggesting some momentum is building as the spring market gets underway.
Meanwhile, new listings surged by 28.6% year-over-year, climbing to 17,263 in March 2025 from 13,425 a year ago. This increase in inventory has created more selection for buyers and shifted negotiating power further in their favour.
Price Trends: Stable Month-Over-Month, Lower Year-Over-Year
The average selling price in the GTA dipped to $1,093,254 in March 2025, down 2.5% from the $1,120,984 recorded in March 2024. Despite the year-over-year drop, prices have remained relatively stable compared to February 2025, when the average was $1,084,547.
Segmented pricing across the GTA showed modest declines:
- Detached homes averaged $1,439,268, down 1.8% from March 2024.
- Semi-detached homes saw a smaller dip of 0.9%, averaging $1,111,791.
- Townhomes averaged $908,169, marking a 3.5% decline year-over-year.
- Condominium units sold for an average of $682,019, 2.6% lower than a year earlier.
While prices continue to show softness compared to last year, affordability is gradually improving for buyers.
Time on Market Shrinks
Another positive signal for sellers: homes are selling slightly faster than they were a year ago. The average property days on market (PDOM) decreased to 25 days in March 2025, down from 29 days in March 2024. This 13.8% improvement indicates that while buyers may be cautious, those who are active in the market are acting with more urgency.
The Bigger Picture: Affordability and Economic Confidence
Despite declining borrowing costs and stable home prices, buyers are still navigating uncertainty. TRREB notes that economic confidence—shaped by trade negotiations, employment outlooks, and the upcoming federal election—is playing a major role in keeping many prospective buyers on the sidelines.
However, affordability has improved compared to 12 months ago, and expectations of further rate cuts this spring may spark renewed interest in the months ahead.
How Team McDadi Can Help
Whether you’re planning to buy or sell, navigating a dynamic market like the GTA requires local expertise and strategic guidance. At Team McDadi, our experienced professionals are equipped with the latest market insights and backed by trusted relationships with top legal and financial professionals. We’re here to ensure your real estate journey is smooth, informed, and successful.
The GTA market is always evolving. With Team McDadi, you’ll always be a step ahead.
If you’re ready to buy, explore our current listings here.
If you’re planning on selling a property, get your complimentary home evaluation here.