Market Watch March 2025
Hope this finds you well!
In March 2025, 459 homes were sold in Waterloo Region, a 23.1% decrease from March 2024 and 45.2% below the ten-year average.
Despite lower sales, inventory levels surged to their highest March level since 2015, offering buyers more choices and time. Detached homes (259), townhouses (98), and condos (60) all saw declines in sales, while semi-detached homes (40) experienced a modest increase.
The average home price fell 4.4% year-over-year to $771,915, with detached homes averaging $921,985 (-3.6% YoY) and townhouses $622,231 (-6.6% YoY). Condo apartments saw the biggest annual price drop at 5.5%, while semi-detached homes declined 2.5%. Despite year-over-year price drops, most categories showed month-over-month stability.
Inventory grew significantly, with 1,180 new listings (+15.5% YoY) and 1,700 active listings (+58.4% YoY), leading to a 3.2-month supply. The condo market had the highest supply at 6.9 months, signaling a shift toward balance.
Homes took 28 days to sell on average, up from 19 days last year, reflecting slower market activity.
Currently the sales to new listing ratio is at 42% indicating we are in a balanced market. Balanced is considered by the BOC to be between 40% and 60%. (sales to new listing ratio)
It is yet to be seen how U.S. tariffs will affect the housing market. One thing though that has recently emerged is banks are tightening up on tariff affected industries. If you are in one of these industries mortgage approvals may by more difficult. More to come on this.
If you are thinking of buying or selling and are looking for a strategy, contact me now! Sell and move forward with confidence!
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Below are March’s Market Board Reports for Waterloo Region and the GTA.
Enjoy!
Lance
WATERLOO REGION HOME SALES COOL IN MARCH AS INVENTORY REACHES NINE YEAR HIGH.
WATERLOO REGION, ON (April 2, 2025) —In March, a total of 459 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 23.1 per cent decrease compared to the same period last year and a decline of 45.2 per cent compared to the average number of homes sold in the previous ten years for the same month.
“March’s housing market shows a significant shift from last year’s dynamics, with sales activity cooling while inventory levels have reached their highest point for March since 2015,” notes Christal Moura, spokesperson for the Waterloo Region market. “This changing landscape is providing buyers with more options and time to make informed decisions.”
Total residential sales in March included 259 detached homes (down 24.7 per cent from March 2024), and 98 townhouses (down 24.0 per cent). Sales also included 60 condominium units (down 29.4 per cent) and 40 semi-detached homes (up 8.1 per cent).
In March, the average sale price for all residential properties in Waterloo Region was $771,915. This represents a 4.4 per cent decrease compared to March 2024 and a 0.5 per cent increase compared to February 2025.
The average price of a detached home was $921,985. This represents a 3.6 per cent decrease from March 2024 and an increase of 2.3 per cent compared to February 2025.
The average sale price for a townhouse was $622,231. This represents a 6.6 per cent decrease from March 2024 and an increase of 1.2 per cent compared to February 2025.
The average sale price for an apartment-style condominium was $457,925. This represents a 5.5 per cent decrease from March 2024 and an increase of 4.8 per cent compared to February 2025.
The average sale price for a semi was $663,145. This represents a decrease of 2.5 per cent compared to March 2024 and a decrease of 1.1 per cent compared to February 2025.
“While both average prices and the HPI declined on a year-over-year basis, we’re seeing month-over-month price stability in most housing categories. The increased inventory, now at a 3.2-month supply, is creating a more balanced market environment compared to the tight conditions we’ve experienced in recent years,” said Moura. “This shift is particularly evident in the condominium segment, where we now have nearly seven months of inventory available.”
There were 1,180 new listings added to the MLS® System in Waterloo Region last month, an increase of 15.5 per cent compared to March last year and a 2.4 per cent decrease compared to the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 1,700, an increase of 58.4 per cent compared to March of last year and 72.9 per cent above the previous ten-year average of 983 listings for March.
The total inventory across the market increased by 68.4 percent, resulting in a 3.2-month supply of all property types by the end of March. Condominium apartments had the highest inventory, with 6.9 months’ supply, followed by townhouses with 4.2 months’ supply and detached homes with 2.3 months’ supply. The number of months of inventory represents the time it would take to sell all current inventories at the current sales rate.
The average time to sell a home in March was 28 days, compared to 24 days in the previous month. In March 2024, it took 19 days for a home to sell, and the five-year average was 14 days.
GTA MARCH MARKET, MORE AFFORDABLE, MORE CHOICE
TORONTO, ON (April 2, 2025) Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home.
“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.
“Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,” said TRREB’s Chief Information Officer Jason Mercer.
GTA REALTORS® reported 5,011 home sales through TRREB’s MLS® System in March 2025 – down by 23.1 per cent compared to March 2024. New listings in the MLS® System amounted to 17,263 – up by 28.6 per cent year-over-year. On a seasonally adjusted basis, March sales were down month-over-month compared to February 2025.
The MLS® Home Price Index Composite benchmark was down by 3.8 per cent year-over year in March 2025. The average selling price, at $1,093,254, was down by 2.5 per cent compared to the March 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite was down and the average selling price was flat.
“While the policy debate heading into the federal election has rightly been focused on our cross-border trade relationship, it has also been important to see that the federal parties continue to view housing as a key priority based on the various election platforms. This is in line with recent polling suggesting access to housing options that are affordable remains top-of-mind for all Canadians. Building this housing will be a key economic driver moving forward,” said TRREB CEO John DiMichele.
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Sell and move forward with confidence!
Lance Nielsen
519-748-7057
Lance@LanceNielsen.com
