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Wondering how Toronto’s real estate market fared in March 2025? Unless you’ve been living under a rock, you already know that March was chaotic, both economically and politically.
March typically marks the beginning of the spring market in Toronto, when we’d usually see an uptick in activity after the winter months. With the federal election coming up and lingering questions around tariffs and trade policy, GTA potential buyers seem to be taking a wait-and-see approach before jumping in. They weren’t motivated by the extra winter-y weather, either.
Here’s how all that uncertainty, distraction and snow impacted Toronto real estate in March 2025:
The Big Picture: 416 vs 905
Looking at the headline numbers, sales across the Greater Toronto Area were down 23.1% compared to March 2024, with 5,011 homes changing hands versus 6,519 last year. The average selling price was $1,093,254, down 2.5% from March 2024’s $1,120,984.
When comparing Toronto proper (416) to the surrounding regions (905), we continue to see the city core showing greater resilience than the suburbs:
| Region | Avg Price Mar 2025 | YoY Change | Sales Mar 2025 | YoY Change |
|---|---|---|---|---|
| Toronto (416) | $1,110,924 | -1.8% | 1,908 | -21.6% |
| 905 Regions | $1,082,077 | -3.0% | 3,103 | -24.0% |
Toronto’s Core, East and West
Drilling down into Toronto’s sub-regions for March:
| Area | Avg Price Mar 2025 | YoY Change | Sales Mar 2025 | YoY Change |
|---|---|---|---|---|
| Toronto West | $1,093,149 | -3.5% | 541 | -22.9% |
| Toronto Central | $1,169,539 | -1.4% | 900 | -21.1% |
| Toronto East | $1,018,555 | -0.5% | 467 | -20.6% |
The Good News: While the year-over-year numbers are depressing, average March prices and sales volumes are up from February.
Property Types: The Market Divide Deepens
The divergence between property types continues to tell an important story about what’s happening in the market:
| Property Type | Avg Price Mar 2025 | YoY Change | Sales Mar 2025 | YoY Change |
|---|---|---|---|---|
| Detached | $1,439,268 | -1.8% | 2,155 | -27.0% |
| Semi-Detached | $1,111,791 | -0.9% | 485 | -22.4% |
| Townhouse | $1,001,043 | -2.3% | 505 | -28.9% |
| Condo Apt | $682,019 | -2.6% | 1,404 | -23.5% |
While all segments are experiencing sales declines, it’s worth noting that semi-detached homes are showing the most price resilience, with only a 0.9% year-over-year decline. This might indicate that the “missing middle” housing segment is finding its balance between affordability and space needs.
The Condo Market: Supply Continues to Build
The condo market, particularly in downtown Toronto, continues to face inventory pressures:
| Condo Area | Avg Price Mar 2025 | YoY Change | Sales | YoY Change | Active Listings | YoY Change |
|---|---|---|---|---|---|---|
| Toronto Central | $758,119 | -3.4% | 581 | -23.9% | 3,947 | +40.7% |
| Toronto West | $673,178 | -3.7% | 201 | -23.0% | 1,048 | +38.0% |
| Toronto East | $609,536 | -0.5% | 145 | -23.5% | 607 | +34.9% |
With active listings up significantly across all areas, condo sellers faced increased competition. This rising inventory, coupled with higher carrying costs due to elevated interest rates, continues to put downward pressure on condo prices.
How Long Are Properties Taking to Sell?
One of the most telling metrics about market conditions is how long properties sit on the market before selling. To understand this chart, remember:
- The Avg Listing DOM represents the number of days a listing was on the market. It doesn’t take into account if a property was re-listed (for example, because of a price change).
- The Total Avg DOM is the statistic you should care about, as it represents the total number of days a home was listed for sale before selling.
| Area/Property Type | Avg Listing DOM Mar 2025 | vs Mar 2024 | Total Avg DOM Mar 2025 | vs Mar 2024 |
|---|---|---|---|---|
| All TRREB Areas | 24 days | +4 days | 36 days | +7 days |
| City of Toronto | 26 days | +5 days | 39 days | +8 days |
| Detached Homes | 23 days | +4 days | 36 days | +7 days |
| Semi-Detached | 16 days | +3 days | 25 days | +4 days |
| Townhouses | 19 days | +3 days | 28 days | +3 days |
| Condos | 32 days | +7 days | 48 days | +10 days |
The Good News: These numbers are a lot better than they were in February, so there was notable improvement month-over-month.
The BREL Bottom Line
It’s interesting to note that TRREB’s forecast still calls for 76,000 sales in 2025 (up 12.4% over 2024) and an average price of $1,147,000 (up 2.6% over 2024). While we haven’t seen this materialize in the first quarter, a more active second half of the year could still bring the market closer to these projections.
For now, we’re in a period of market normalization after years of exceptional growth followed by interest rate shocks and now, global economic uncertainties. This environment offers both challenges and opportunities depending on your position in the market and your specific goals.
For Sellers: Proper pricing, preparation, and patience are essential in the current market. Properties that stand out from the competition are still selling, but realistic price expectations are critical.
For Buyers: There’s less competition and more choice than we’ve seen in recent years. This is especially true in the condo market, where growing inventory is creating opportunities for negotiation. We’ll be watching to see what the Bank of Canada does with interest rates at their next announcement on April 16th – it’ll be tricky to balance controlling anticipated tariff-related inflation with a slowing economy. Pro Tip: If you’re thinking of buying a home in the next 3-6 months, talk to a lender now. You’ll still get the lower rate if rates go down, but if they go up, you’ll be protected.
For Investors: Real estate investors haven’t been very active in Toronto in the past couple of years, mostly because of higher interest rates. With stock markets falling worldwide, will we see them return to the relative long-term safety of real estate?
Let’s see what the month of April has in store for the Toronto real estate market!
