GTA Real Estate Market Report March 2018

Sales Down in March 2018 Compared To A Record March 2017

Greater Toronto Realtors reported 7,228 residential sales through the Toronto MLS system in March 2018. The number of transactions in March represented a 39.5% decline compared to the record 11,954 transactions reported in March 2017.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 46.3%.

The number of new listings reported in March 2018 was down by 12.4% compared to March 2017 and a 3.0% decrease compared to the average for the previous 10 years. The number of active listings reported in March 2018 was up by 103.1% compared to March 2017.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos, TREB’s President. “The effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of the year.”

The average price in March was down by 14.3% from the same time last year to $784,558 due in large part to a smaller share of detached home sales versus last year. In addition, the share of high-end detached homes selling over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price. Condo apartments in the GTA led the way in terms of an average price increase at 6.1% compared to the same time last year. In the City of Toronto the average price was up for condo apartments only.

For the full report click HERE.

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