March homes sales drop nearly 23 per cent year-over-year

Article content

House sales last month were nearly 23% compared to the same period last year, more evidence that economic uncertainty created by President Donald Trump’s chaotic tariff policies is increasingly penetrating through other sectors, except areas specifically targeted by tariffs.

There were 342 homes in March, compared with 440 homes in the same month of 2024.

“I put it completely on tariffs,” said Dan Gemus, founder of Dan Gemus’ real estate team.

Article content

“It helps to reiterate that December’s reiteration was a busy month, compared to what December’s usual look was. Things were shocked the moment Trump opened and started commenting.

“Deals suspend everything despite the drop in interest rates.”

Gemus added up to move customers calling for them to put everything on hold.

The percentage gap in sales gap has increased in the first three months of 2025 compared to last year. Sales for the year have also dropped by 13%.

“Many of them work in manufacturing and some have been fired,” House said.

“We’re noting the impact of tariffs even before they are met. It started in January.”

Although the listing added 381 homes, prices have not fallen yet compared to last March.

The average monthly sales price ($583,182) was 2.94% higher than the same month last year.

“It’s a slow market,” House said. “The homes we’re seeing are still moving $600,000 at a good rate.”

Article content

Of the 342 home sales last month, $180 was between $420,000 and $699,000.

One of the surprisingly robust segments is high-end housing.

Compared to 19 units in February, 32 homes sold for $1 million or more. There are 10 of them, selling for $2 million or more.

“Buyers of these homes may have jobs that are isolated from the tariff impact,” said Rob Agnew, general manager of Manor Realty.

“They may have established huge equity because they sell for higher prices because the more expensive homes were priced less than a year ago.

“If you are involved in the automotive industry in any way, you are not sure you will have a job, let alone worry about mortgages.”

Agnew said the future of the market will depend to a large extent on the message sent by Trump’s White House.

Despite the large inventory, prices are still elastic. Agnew would not expect any fire sales on the market.

“I can’t see prices occupying the nose,” Agnew said. “They will be a period of adjustment, and prices will be temporary in the short term.

“I think we’ll see April and May in a holding pattern. People want to see what happens.

“Once they have some answers on how tariffs will affect them, they can make some well-informed decisions.”

dwaddell@postmedia.com

twitter.com/winstarwaddell

Share this article in your social network