Canada’s two largest housing markets, where sellers were firmly in control not long ago, moved further into buyers’ markets, with declining sales and prices and increased inventories in March.
In the Greater Vancouver Area (GVA) sales last month were the lowest since 2019, according to the monthly report from the Greater Vancouver Realtors organization (GVR).
Sales in Metro Vancouver in March reached 2,091 homes, a 13.4% drop from the 2,415 sales in March 2024 and down a whopping 36.8% from the 10-year seasonal average of 3,308 sales.
“If we can set aside the political and economic uncertainty tied to the new US administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years,” said Andrew Lis, GVR’s director of economics and data analytics.
“Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS than we’ve seen in almost a decade. Sellers appear ready to engage, but so far, buyers have not shown up in the numbers we typically see at this time of year.”
The area saw 6,455 new listings last month, a 29% increase, year-over-year and 15.8% above the 10-year average. The new listings took the number of properties listed for sale to 14,546 homes, up 37.9% year-over-year and a 44.9% increase over the 10-year average.
“The current market bares resemblance to early 2023 where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months,” Lis said.
“While market conditions overall remain balanced, it’s worth noting that the attached segment continues teetering on the threshold of a sellers’ market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region.”
The market-wide benchmark selling price was $1,190,900, down 0.6% from March 2024, and down 0.5% from February 2025.
By property type, the benchmark price for single-family homes was $2,034,400, a 0.8% increase from March 2024 and a 0.4% increase over February 2025.
The benchmark price of apartments in March was $767,300, a 0.9% year-over year decrease, and a 1% increase from February 2025.
Attached homes’ benchmark price was $1,113,100 in March, a 0.8% decrease from March last year and a 0.2% increase from February 2025.
Greater Toronto Area (GTA)
The Toronto Regional Real Estate Board (TRREB) says “homeownership in the GTA became more affordable in March 2025 compared to last year.”
Average borrowing costs and home prices have declined over the last year making for more manageable monthly mortgage costs, said Elechia Barry-Sproule, TRREB president.
“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Barry-Sproule.
There were 5,011 home sales in March 2025, down 23.1% year-over-year. New listings came in at 17,263 homes, up 28.6% from March 2024.
"Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying,” said TRREB’s Chief Information Officer, Jason Mercer.
“If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term.”
The GTA’s market-wide average selling price, was $1,093,254, down 2.5% from March 2024.
“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.”
