The Toronto Regional Real Estate Board (TRREB) just dropped its March 2025 Market Watch report, and if you’ve been thinking about buying a home — this might be your sign to take a second look.
While headlines over the past year have focused on inflation, rate hikes, and affordability struggles, March tells a different story: prices are softening, listings are rising, and interest rates are finally on their way down. In short, the conditions buyers have been hoping for are starting to take shape.
📉 Prices Are Coming Down
The average selling price across the GTA last month was $1,093,254 — that’s a 2.5% drop compared to March 2024. It might not seem like much, but when combined with falling interest rates, this makes a tangible difference in monthly mortgage payments for buyers.
On top of that, the MLS® Home Price Index Composite Benchmark — which reflects typical home values across different property types — fell 3.8% year-over-year.
While prices haven’t dropped dramatically, they’ve cooled just enough to make things more manageable — especially when combined with lower interest rates. For many buyers, it’s the first time in a while that the numbers are starting to work in their favour.
🏡 More Homes Are Hitting the Market
In March, 17,263 new listings were added to the MLS® system — nearly 30% more than a year ago.
That kind of surge in inventory is a big deal. When more homes are available, competition eases, and buyers gain more choice and time to make decisions. We’re seeing the early signs of a more balanced market, where the pressure to overbid or waive conditions is easing.
This is particularly helpful for first-time buyers or families who’ve been holding off — not because they weren’t ready, but because the market wasn’t giving them room to breathe. That room is finally returning.
We’ve already seen the Bank of Canada cut its key interest rate once in 2025, and according to former Deputy Governor Paul Beaudry, there’s a growing case for deeper, faster cuts.
One of the key drivers? Tariffs.
Recent trade tensions are expected to slow economic growth, and that’s adding pressure on the Bank of Canada to act decisively. Lower rates stimulate borrowing and consumer spending, which means more affordability for mortgage borrowers. If these cuts happen as expected, the rate relief many Canadians have been waiting for could arrive sooner than we thought — and with more impact.
This is a rare moment where market trends, government policy, and economic shifts are starting to align in favour of those looking to buy.
TRREB’s March report paints a clear picture: we’re in a transition period.
Sales are down — over 23% lower than this time last year — which means many buyers are still waiting on the sidelines. Some are nervous about the economy, some are waiting for deeper rate cuts, and others are simply cautious after years of volatility.
But here’s the thing: the combination of lower prices, increased inventory, and a strong possibility of more rate cuts creates a window of opportunity that hasn’t existed in a long time.
For buyers who are financially prepared and thinking long-term, this could be the moment to step in — before demand picks back up and competition returns.
So, Is Now a Good Time to Buy?
Every situation is different — but here’s what’s clear:
- Home prices are lower
- There are more homes to choose from
- Mortgage rates are falling — and may keep falling
- Sellers are more flexible
Whether you’re a first-time buyer, a growing family, or someone thinking about moving up or refinancing, we’re here to help you take advantage of what this market is offering — with clear guidance, smart strategies, and a plan tailored to you.
At Garland Mortgage Solutions, we’ll walk you through it all — simply and clearly.
