Greater Toronto Area (GTA) home sales posted a rebound in March, breaking a six-month run of declines, according to data released by the Toronto Regional Real Estate Board. The board reported that seasonally adjusted sales rose 1.4% from February to 4,546 units, representing the first monthly increase since September.
The board’s home price index moved lower on a seasonally adjusted basis, falling 0.6% month-over-month to C$928,000 - equal to $666,954 when converted at the rate provided by the board. That decline marks the 10th consecutive month in which the price index has fallen.
The GTA, which comprises the City of Toronto and four neighbouring regional municipalities, recorded modest gains in sales on an annual basis as well: sales were up 1.7% year-over-year. At the same time, the data show a notable drop in new listings, which declined 16.7% compared with the same month a year earlier. Over the 12-month span, the board’s price index was lower by 7.4%.
"It’s encouraging to see an uptick in March home sales compared to last month and last year," the board’s president, Daniel Steinfeld, said in a statement.
"This suggests that an increasing number of GTA households are looking to take advantage of improved affordability as we move into the spring market," Steinfeld said.
The figures point to a market in which lower prices appear to be drawing additional buyer interest, while the supply of new listings has contracted sharply on a year-over-year basis. The board’s statistics show both short-term stabilization in transaction volumes and continued downward pressure on the price index.
Currency conversion used in reporting: ($1 = 1.3914 Canadian dollars).