Greater Toronto Area (GTA) home prices increased in March from February, with listings falling at a faster rate than did sales in comparison to a year ago, in the first look at the market since the Bank of Canada paused its interest rate hikes.
The average price of a GTA home rose to C$1.1 million ($818,270) in March, up 1.2% from February, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday
The average price was down 14.6% from March last year, when the BoC began lifting borrowing costs, and 16.9% below the February 2022 peak.
The BoC raised interest rates eight consecutive times before moving to the sidelines last month.
Sales tumbled 36.5% from a year ago, while new listings fell at a steeper rate, down 44.3%, indicating a tightening of market conditions.
"As we moved through the first quarter, Toronto Regional Real Estate Board (TRREB) Members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out," TRREB President Paul Baron said in a statement.
($1 = 1.3443 Canadian dollars) (Reporting by Fergal Smith; Editing by Leslie Adler)