Toronto home prices rise in March as new listings tumble

GREATER Toronto Area (GTA) home prices increased in March from February, with listings falling at a faster rate than sales in comparison to a year ago, in the first look at the market since the Bank of Canada paused its interest rate hikes.

The average price of a GTA home rose to C$1.1 million (S$1.08 million) in March, up 1.2 per cent from February, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday (Apr 5).

The average price was down 14.6 per cent from March last year, when the Bank of Canada began lifting borrowing costs, and 16.9 per cent below the February 2022 peak.

The central bank raised interest rates eight consecutive times before moving to the sidelines last month.

Sales tumbled 36.5 per cent from a year ago, while new listings fell at a steeper rate, down 44.3 per cent, indicating a tightening of market conditions.

“As we moved through the first quarter, Toronto Regional Real Estate Board members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” TRREB president Paul Baron said in a statement. REUTERS