In early April, Vancouver and Toronto, the main real estate markets in Canada, released their March housing market reports respectively. In March, the volume of home sales in the Greater Vancouver area fell to the lowest level since March 2019, a decrease of 36.8% compared to the 10-year seasonal average (for details, see: Heavyweight | Home sales plummeted by 36.8%! The data for the Greater Vancouver housing market in March is out! Prices for all three types of homes have increased; how should we view this?).

The Greater Toronto Area was even worse, with transaction volumes hitting the lowest point in over twenty years.

According to the March housing market report from the Toronto Real Estate Board (TRREB), buyers are still adopting an "观望 attitude," further slowing market activity. However, the report also revealed a glimmer of hope for potential homeowners.

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The report shows that compared to the previous year, the cost of purchasing a home in the Greater Toronto Area will be lower in March 2025. On average, borrowing costs and house prices have both decreased over the past year, making it easier for families hoping to buy homes in the region to afford their monthly payments.

TRREB President Elechia Barry-Sproule stated: "Over the past 12 months, the cost of buying a home has been decreasing, and we expect interest rates to continue to fall this spring. Buyers will also benefit from more options, thereby gaining greater bargaining power. Once consumers feel confident about the economy and job security, home-buying activities will improve."

Despite the improvement in affordability, the market remains sluggish. Data shows that sales in March 2025 dropped by 23% year-over-year, reaching only 5,011 units. Meanwhile, new listings surged nearly 29%, exceeding 17,000 units.

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On this, TRREB Chief Information Officer Jason Mercer said: "Given the current trade uncertainties and the upcoming federal election, many families may adopt a '观望 attitude' towards home purchases. If trade issues are resolved or public policy choices help mitigate the impact of tariffs, home sales may increase. Homebuyers need to feel stable in their employment situation before committing to long-term monthly mortgage payments."

Looking at home prices, the MLS HPI Composite Benchmark in the Greater Toronto Area fell by 3.8% year-over-year in March 2025. The average selling price was CAD 1,093,254, a 2% drop compared to March 2024.

TRREB CEO John DiMichele stated: "While the policy debate before the federal election rightly focuses on our cross-border trade relations, it is equally important that all parties in the federal government continue to prioritize housing according to various party platforms."

"This aligns with recent polling results showing that access to affordable housing remains the top priority for all Canadians. Building these homes will become a key driver of economic progress."

With improved affordability, experts believe the real estate market in the Greater Toronto Area may begin to show signs of recovery. However, it seems that many potential buyers in the Greater Toronto Area will still wait for economic and political uncertainties to be resolved.

On April 2, US President Trump announced reciprocal tariffs on most countries, but Canada will be exempted. This gave many people a slight sense of relief. But to truly make most people feel less panic and confusion about future trends, it may take until after the election.

Source: blogto trreb

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