March produced the first year-over-year negative variance in 2024. Both January and February saw positive variances. In March 6,560 residential properties of all types were reported sold in the greater Toronto region. Last March 6,868 homes were reported sold, a 4.5 percent decline. This negative variance is misleading and does not accurately reflect how robustly the resale market is performing.
During the first quarter of 2023 the Bank of Canada’s benchmark rate stood at 4.50 percent. Even...