Summary:
In March 2025, homeownership in the Greater Toronto Area (GTA) became more affordable compared to the previous year, due to lower home prices and borrowing costs. TRREB President Elechia Barry-Sproule noted improved affordability and anticipated further interest rate cuts and more buying options for consumers. However, TRREB CIO Jason Mercer pointed out that trade uncertainty and the upcoming federal election may cause potential buyers to delay purchases until economic and job conditions feel more stable.
GTA home sales dropped 23.1% year-over-year to 5,011, while new listings increased by 28.6%. The MLS® Home Price Index fell 3.8% and the average selling price declined by 2.5% to $1,093,254. TRREB CEO John DiMichele emphasized the importance of housing in federal policy discussions, aligning with public concern about housing affordability and its role in driving economic growth.
Post a comment