Greater Toronto Area condominium sales sank as prices dipped in March, says the Toronto Regional Real Estate Board.

Condo-apartment sales fell 23.5% year-over-year, while townhouse sales dropped 23.2%. Meanwhile, condo-apartment prices fell a 2.6%, and townhouse prices fared slightly worse, falling 3.5%.

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

Many households are likely taking a wait-and-see approach to buying due to current Canada-U.S. trade activity and the upcoming federal election, added Jason Mercer, TRREB’s chief information officer.

Overall GTA home sales dropped 23.1% in March, according to the TRREB report. And, the market’s overall average home price was down 23.1% from March 2024.

But total residential sales listings spiked 28.6% year-over-year.

“While the policy debate heading into the federal election has rightly been focused on our cross-border trade relationship, it has also been important to see that the federal parties continue to view housing as a key priority based on the various election platforms,” said TRREB CEO John DiMichele. “This is in line with recent polling suggesting access to housing options that are affordable remains top-of-mind for all Canadians. Building this housing will be a key economic driver moving forward.”

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