Lowest Sales in 27 years - March Real Estate Market Update

A total of 5011 homes have sold on the Toronto Regional Real Estate Board in March. That is the lowest number of homes sold in the month of March since 1998 (5005 sales). It also marks the fourth consecutive year of declining sales in March since 2021 when 15,628 sales have been reported on TRREB.

The average home price in York Region was $1,220,124 - 31.3% less than in 2024 ($1,334,655). On a positive note, there have been more homes sales in March (859) than in February (737).

Newmarket and Aurora Prices down

Aurora also recorded more sales in March (40) than in February (31). The average price in Aurora of $1,311,336 has decreased by 9.4% compared to March 2024. Similar to Newmarket where prices fell by 7.3% from $1,168,851 to now $1,083,628. The total amount of homes sold in March dropped by 48.7% in Newmarket (Sales March ‘24: 113 // March ‘25: 58) and 53% in Aurora (March ‘24: 85 // March ‘25: 40).

Sales slightly up in Bradford

Sales in Bradford were similar to last year (March ‘24: 45 sales // March ‘25: 46) and significantly up (+58.6%) compared to February when only 29 homes sold. The average price decreased from $1,112,293 last year to $1,052,454 (-5.4%). Prices in East Gwillimbury are down 43% year-over-year.

More Rate-cuts mid-April?

Throughout Toronto and the GTA the average price for all types of homes combined was $1,093,252. This reflects a small decrease (-2.5%) compared to last March’s prices ($1,120,984). Sales (5011) dropped 23.6% on a year-over-year basis.
“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring”, says Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

It’s expected that the Bank of Canada will cut the Interest Rates further on April 16th as world markets have been sent into a tailspin by U.S. President Donald Trump’s tariff barrage. And Statistics Canada reported that the country has shed 62,000 full-time jobs in March.