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The Toronto and GTA real estate market in March 2025 is still showing signs of resilience despite high interest rates and affordability challenges. Here’s a breakdown of what’s happening for buyers and renters right now:
Prices: Home prices have remained relatively stable compared to early 2024, but certain areas are seeing slight declines due to higher borrowing costs. Detached homes in the suburbs (Durham, York, Peel) are seeing some price softening, while condos in downtown Toronto remain in demand.
Sales Activity: Sales volume has picked up slightly as spring approaches, but it’s still below historical averages due to affordability constraints.
Mortgage Rates: The Bank of Canada has not yet cut rates, keeping borrowing costs high. Buyers with pre-approved mortgages from late 2024 are trying to lock in purchases before rate changes.
Opportunities: If rates start dropping later in the year (which many expect), competition could rise again, making March-April a potentially good window to buy before more buyers jump in.
Rents Still High: The rental market remains competitive, with one-bedroom condos averaging around $2,500-$2,700/month in downtown Toronto, while two-bedrooms are well over $3,200 in prime areas.
More Listings: There has been an increase in available rental units, especially in newly completed condo buildings. Some landlords are offering incentives like 1-2 months free rent to attract tenants.
Tough Competition: Despite more supply, demand is strong due to immigration, high home prices (keeping people renting longer), and limited purpose-built rental buildings. Be ready with paperwork and strong financials when applying.
If you’re buying, watch for deals in the suburbs and consider getting in before rate cuts bring more competition.
If you’re renting, you may have slightly more negotiating power than last year, but demand is still high—act fast on good listings.