Home sales in the Greater Toronto Area (GTA) declined 36.5% in March from a year ago, while new listings fell 44.3%.
According to the Toronto Regional Real Estate Board (TRREB), high mortgage rates continue to negatively impact home sales in Canada’s largest city.
The Bank of Canada raised interest rates eight consecutive times over the last year before pausing in March to assess the impact on the economy.
As a result, the average interest rate on a mortgage in Canada is now above 6%, its highest level in more than a decade.
The Toronto real estate board said that home prices rose in March from February, with the average price of a GTA home now at $1.1 million, up 1.2% from February.
However, the average home price in Greater Toronto was down 15% from March 2022 and 17% lower than a market peak reached in February 2022.
Vancouver Sales Tumble
Across the country, the Real Estate Board of Greater Vancouver reported that home sales fell 42.5% in March from a year ago and were 28.4% below the 10-year seasonal average for the West Coast city.
Home sales in Vancouver during March totalled 2,535 compared with 4,405 sales in March 2022.
The real estate board said that there were 4,317 new listings in Vancouver, a 35.5% decrease from a year earlier and 22% below the 10-year seasonal average.
The median price of a home for sale in Metro Vancouver during March was $1.15 million, a 9.5% decline from a year earlier.
