Real estate headlines reported a 16.7% year-over-year drop in new listings for March, suggesting a shift in seller behaviour. That’s not entirely surprising. Sellers are clearly reacting to market conditions that look very different from a year ago. Twelve months ago, we weren’t dealing with the same level of global economic uncertainty or geopolitical tension. Today, those factors are weighing on consumer confidence, and both buyers and sellers are making more cautious, financially driven decisions. Rising energy costs are also pushing up the price of everyday goods, adding further pressure on household budgets.
On the financing side, economic volatility led to Government of Canada bond yields increasing by roughly 60 basis points in March, which in turn pushed fixed mortgage rates higher. While the 5-year variable rate has remained relatively steady around 3.9%, the average 5-year fixed rate has climbed closer to 4.5%.
Even with fewer new listings compared to last year, overall housing supply remains solid, giving buyers plenty of choice. At the same time, prices have shown some resilience. The average selling price was down 6.7% compared to March 2025 and slipped just 1.0% from February.
The Toronto Regional Real Estate Board (TRREB) reported that sales edged slightly higher than last year and jumped approximately 30% compared to February, an encouraging sign of renewed spring market activity. Inventory also increased, with available listings rising from 19,314 in February to 21,596 by the end of March, supported by 14,442 new listings. This continues to point to a balanced market with opportunities on both sides.
As TRREB Chief Information Officer Jason Mercer noted:
“Buyers continued to benefit from substantial negotiating power on price across major market segments in the last month. This explains why benchmark and average selling prices were down year-over-year. However, if market conditions continue to tighten, as they did in March, selling prices could start levelling off as we move through the remainder of 2026.”
Looking closer to home, Durham Region saw an average selling price of $835,985 in March, down 1.68% from February. However, certain segments performed well. Semi-detached homes averaged $737,800 (+8.4%), freehold townhomes $761,370 (+3.05%), and condo townhomes $619,540 (+4.25%).
Detached homes averaged $940,936, down 2.0% month-over-month, while condo apartments saw a more notable decline, averaging $453,251, down 12.6%.
One important perspective: detached home values in Durham are still up 31.6% compared to March 2020, and overall prices across the region have increased by 27.4% over that same period. In other words, homeowners who have been in the market since before the pandemic have seen strong long-term gains.
If you’re thinking about buying or selling and want to understand how these trends affect your plans feel free to reach out. We are always happy to have a conversation and help you navigate your next move.