Home sales in the Greater Toronto Area increased for the first time in six months in March, signaling a potential rebound in buyer activity as declining prices improve affordability. According to data released by the Toronto Regional Real Estate Board, seasonally adjusted sales rose 1.4% from February to 4,546 units, marking the first monthly gain since September.
Despite the uptick in sales, home prices continued to trend downward. The board’s home price index slipped 0.6% month-over-month to C$928,000, extending a streak of ten consecutive monthly declines. On a yearly basis, the index was down 7.4%, reflecting ongoing adjustments in the housing market amid shifting demand and economic conditions.
Toronto Regional Real Estate Board President Daniel Steinfeld noted that the rise in sales indicates growing interest from buyers seeking better affordability as the spring market begins. Year-over-year sales edged up 1.7%, even as new listings dropped sharply by 16.7%, pointing to tighter supply conditions across the region, which includes Toronto and its surrounding municipalities.
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