Inventory Gains, Softening Prices in Spring

As the spring real estate season gets underway, market conditions across the GTA are beginning to shift. March saw an influx of new listings, providing buyers with increased selection and improved negotiating power. With average prices edging down and competition cooling, the early signs of spring are bringing renewed opportunity for those looking to enter the market. 

“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

GTA Home Sales Down, Prices Ease Year Over Year

Home sales in the Greater Toronto Area (GTA) totaled 5,011 in March 2025, representing a 23.2% decline from the 6,519 transactions recorded in the same month last year. The average selling price decreased slightly, dropping 2.5% year-over-year to $1,093,254, down from $1,120,984 in March 2024. These figures indicate a cooling market where buyers gain leverage and sellers adjust their expectations to align with the current cautious demand.

Condo Surge Signals Renewed Buyer Interest Among Property Types

Condo apartments were the second most in-demand property type in March, offering the most affordable entry into homeownership. With 1,404 units sold, a 14.6% increase from February, this signaled a strong resurgence in buyer interest. Although overall condo sales remain lower than last year, the activity increase suggests a shift in buyer sentiment. With more options and less competition, condo buyers are now in a strong position to negotiate.

Regarding prices, condo apartments average $716,460 in Toronto, a month-over-month drop of 1.1%, and $615,086 in the surrounding 905 area, a month-over-month increase of 0.6%. With prices in Toronto cooling from February, it’s an opportune time for condo buyers to enter the market. 

Strong Demand for Townhouses and Semi-Detached Homes

Townhouses continued to draw strong interest, with 899 sales across the GTA. Prices remained under the $1 million threshold on average—$975,801 in Toronto and $890,645 in surrounding 905 communities. Semi-detached homes saw 485 sales and featured a broader pricing gap, averaging $1,337,498 in the city compared to $942,308 in the 905, showcasing the relative affordability of suburban options.

Detached Homes Lead the Market Despite Fewer Transactions

Detached properties remained the highest-priced segment, with 2,155 sales. This marks a 26.3% increase from last month. The average price in Toronto reached $1,723,489, while homes in the 905 averaged $1,336,568. Although sales were down 24.9% year-over-year, pricing stayed relatively stable, signaling sustained demand among move-up buyers and established homeowners seeking more space and privacy. Surging Listings and Shifting Prices Across Peel and Halton Regions

From February to March 2025, Peel and Halton regions experienced a substantial influx of new listings. Peel saw a 39.70% jump, primarily driven by Mississauga (41.56%) and Brampton (38.20%). Halton recorded an even more dramatic increase of 48.9%, with Burlington leading at 50.7% and Oakville slightly higher at 52%.

Burlington also stood out for sales performance, recording the most significant rise in sales volume at 70% and a 13% increase in the average home price—from $1,037,798 in February to $1,177,176 in March. Mississauga’s townhouse market also saw strong momentum, with sales climbing by 83%.

However, not all areas followed the same trend. Halton Hills saw a sharp decline in the average price, falling 9.51% month-over-month, from $1,046,983 to $947,386. Meanwhile, Brampton’s condo townhouse segment experienced a notable 20% drop in sales, underscoring the variability in demand across different property types and communities.

Market Tightens in the 905 Despite Listing Surge

Despite the increase in new listings, active inventory declined from February in both regions—down 31% in Peel and 26% in Halton. This suggests that homes were selling more quickly than new ones were hitting the market, tightening supply and creating more competitive conditions for buyers heading into spring.

Market Cools, But Opportunity Heats Up for Buyers

This month, the GTA housing market gradually shifted toward more buyer-friendly conditions. The sales-to-new-listings ratio (SNLR) fell to 36.6%, well below the balanced market range of 40–60%—a clear sign that inventory is outpacing demand. For buyers, this translates to more selection and less urgency.

With an average of 24 days on the market, buyers are taking their time, carefully evaluating their options, and negotiating with more confidence. With new listings climbing and prices showing signs of softening, the spring market is creating the environment many buyers have been waiting for, with fewer bidding wars and more room to make thoughtful decisions.

“As we head into a federal election, it’s encouraging to see housing remain front and centre in national conversations,” said TRREB CEO John DiMichele. “Access to affordable housing continues to be top-of-mind for Canadians, and increasing supply will be key—not just for affordability, but as a broader economic driver moving forward.”