Ontario MLS® home sales activity declines further in March on tariff uncertainty
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 11,978 units in March 2025. This was a substantial decrease of 24.6% from March 2024.
Home sales were 42.5% below the five-year average and 41.4% below the 10-year average for the month of March.
On a year-to-date basis, home sales totalled 31,062 units over the first three months of the year. This was a large decline of 20.7% from the same period in 2024.
Nationally, home sales activity was down by 9.3% from year-ago levels in March 2025.
The average price of resale residential homes sold across the province in March 2025 was $860,545, decreasing by 3.8% from March 2024.
The more comprehensive year-to-date average price was $846,188, a modest decline of 2.8% from the first three months of 2024.
The national average price, by comparison, marked a small reduction of 3.7% on a year-over-year basis to $678,331 in March 2025.
The number of new listings on MLS® Systems of real estate boards in Ontario saw an increase of 12.3% from March 2024. There were 35,843 new residential listings in March 2025.
New listings were 3.2% below the five-year average and 2.2% above the 10-year average for the month of March.
Active residential listings numbered 58,939 units on the market at the end of March, a jump of 45.9% from the end of March 2024. Active listings haven’t been this high in the month of March in more than a decade.
Active listings were 67.4% above the five-year average and 57.1% above the 10-year average for the month of March.
Months of inventory numbered 4.9 at the end of March 2025, up from the 2.5 months recorded at the end of March 2024 and above the long-run average of 2.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in the province in March 2025 was $10.3 billion, down sharply by 27.4% from the same month in 2024.
| Ontario Monthly Summary | ||||
|---|---|---|---|---|
| March 2025 | Residential Sales | Year-over-year % change | Residential Average Price | Year-over-year % change |
| Central1 | 5,330 | -25.8 | $1,101,182 | -3.3 |
| Eastern2 | 1,649 | -10.7 | $643,309 | 1.7 |
| Northeastern3 | 925 | -38.8 | $732,371 | -6.6 |
| Northern4 | 544 | -4.1 | $389,257 | 1.1 |
| Southern5 | 2,055 | -28.9 | $787,930 | -1.5 |
| Western6 | 1,475 | -22.0 | $589,218 | -2.2 |
| Ontario | 11,978 | -24.6 | $860,545 | -3.8 |
| Ontario Year-To-Date Summary | ||||
|---|---|---|---|---|
| YTD 2025 | Residential Sales | Year-over-year % change | Residential Average Price | Year-over-year % change |
| Central1 | 13,785 | -23.3 | $1,085,041 | -2.4 |
| Eastern2 | 4,050 | -5.7 | $626,734 | 2.4 |
| Northeastern3 | 2,571 | -29.7 | $713,844 | -2.8 |
| Northern4 | 1,409 | -3.0 | $383,867 | 4.9 |
| Southern5 | 5,238 | -26.5 | $768,855 | -0.4 |
| Western6 | 4,009 | -14.1 | $594,989 | 0.3 |
| Ontario | 31,062 | -20.7 | $846,188 | -2.8 |
1 Oakville-Milton, Greater Toronto
2 Cornwall, Kingston and Area, Ottawa, Renfrew County, Rideau-St. Lawrence
3 Bancroft & District, Barrie & District, Kawartha Lakes, Lakelands, Northumberland Hills, Peterborough and the Kawarthas, Quinte & District
4 North Bay, Saul Ste. Marie, Sudbury, Thunder Bay, Timmins, Cochrane & Timiskaming Districts
5 Brantford Region, Guelph & District, Hamilton-Burlington, Kitchener-Waterloo, Niagara Region, Simcoe, and Cambridge
6 Chatham-Kent, Grey Bruce Owen Sound, Huron Perth, London & St. Thomas, Sarnia-Lambton, Windsor-Essex, Woodstock-Ingersoll-Tillsonburg
BOARD & ASSOCIATION INFORMATION
The Ontario Real Estate Association represents nearly 100,000 brokers and salespeople who are members of the 29 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of support services, educational programs, advocacy, standard forms, and other offerings.
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Cathy Polan
