‘People Are Paralyzed’: The GTA Just Had Its Slowest March For Home Sales Since The '90s

The Greater Toronto Area (GTA) experienced its slowest March for home sales since 1998, with only 5,011 transactions recorded last month. This figure marks a significant drop from previous years, where March sales reached 6,560 in 2024 and 10,955 in 2022.

The decline in sales is attributed to various factors, including economic uncertainty and political concerns. Real estate broker Erica Reddy-Choquette noted that many potential buyers and sellers are hesitant due to uncertainties related to U.S. politics and trade policies. She stated, "People right now are kind of paralyzed, and nobody's really sure what they should do or shouldn't do because of all the uncertainty to the south."

Detached homes saw 2,155 sales in March, while condo apartments lagged with only 1,404 sales. The condo market has been particularly affected by higher interest rates since 2022, leading to a surplus in supply. In March, new condo listings accounted for over 30% of all new listings, indicating an oversaturated market.

The abundance of condo listings has overwhelmed potential buyers, making decision-making more challenging. Reddy-Choquette observed that with so many options available, buyers are unsure about which properties to consider, leading to further hesitation in the market.

Despite the overall slowdown, certain properties are still attracting interest. Homes that are well-priced and meet specific buyer criteria continue to receive multiple offers, suggesting that demand persists for desirable listings. However, the general market sentiment remains cautious.

Looking ahead, the GTA housing market faces continued challenges. While some buyers and sellers await more favorable economic conditions, the current climate of uncertainty and high interest rates may prolong the market's sluggishness. Stakeholders hope for stabilization in the coming months to restore confidence and activity in the real estate sector.