Greater Toronto home sales in March down 39.5 per cent from year ago

TORONTO — The Toronto Real Estate Board says home sales in the Greater Toronto Area in March fell 39.5 per cent compared with a year ago.

The board says there were 7,228 home sales through its MLS system last month compared with a record 11,954 sales in March 2017.

New listings also fell to 14,866 for the month, down from 16,978 a year earlier.

The average price of a home sold also dropped to $784,558 last month compared with $915,126 in March last year.

The board says the drop in the average selling price was due in part to the fact that sales of detached homes, which are generally more expensive, fell more than other home types.

It added that the share of detached homes selling for over $2 million last month was half of what was reported a year ago.