Home sales in the Greater Toronto Area (GTA), Canada’s biggest housing market, declined 4.5% in March from a year earlier.
The Toronto Regional Real Estate Board (TRREB) said that 6,560 homes changed hands in March compared with 6,868 in the same month of 2023.
However, growing competition among buyers pushed the average home price in the GTA higher year-over-year during March.
The average selling price across the GTA was up 1.3% year-over-year to $1.12 million.
New listings in the metropolitan area rose 15%, which TRREB attributed to homeowners anticipating an improvement in market conditions as interest rates decline later this year.
The first quarter of 2024 ended with an 11.2% year-over-year sales increase and new listings up 18.3% in the GTA.
