Heaps Estrin's Blog

March marks the moment we collectively spring forward – longer days, temperatures finally crawling out of the negatives, and traditionally, the start of the spring real estate market. This year, however, the market feels less like it’s sprinting out of the gate and more like it’s quietly gathering momentum, with buyers and sellers alike watching for the right moment to act.

According to the Toronto Regional Real Estate Board’s February report, 3,868 home sales were recorded last month, down 6.3 per cent compared to February 2025. New listings declined even more sharply, falling 17.7 per cent year-over-year.

What stands out in these numbers is the relationship between supply and demand. While sales have slowed modestly, new listings have declined at a much greater rate – suggesting many homeowners have been taking a wait-and-see approach before bringing their properties to market. A mix of geopolitical uncertainty, shifting economic signals, and ongoing conversations around borrowing costs has left both buyers and sellers looking for greater clarity.

At the same time, fewer listings combined with steady buyer interest has historically been the recipe for tighter market conditions. From what we are seeing on the ground, that dynamic may already be beginning to play out. Well-priced homes continue to attract strong interest, and in recent weeks we have seen several properties receive multiple offers when they hit the market at the right price point.

Many buyers remain cautious, watching borrowing costs and waiting for signs of stability. TRREB estimates that more than 100,000 potential buyers remain on the sidelines, monitoring the market and waiting for the right conditions before stepping back in.

Seasonally, March is often a transitional month for the housing market, and this year appears to be no exception. With March Break and Easter approaching, some sellers may also be waiting for the traditional spring window before bringing their homes to market – a pattern that had become less predictable in recent years but may be quietly returning.

If our own upcoming inventory is any indication, however, we expect to see a wave of exceptional new properties come to market in the coming weeks. As both buyers and sellers re-engage, the stage could be set for a more active spring market as we move toward the end of March and early April.

For now, the story of this market is patience. But if the early signals hold, we may soon begin to see a little more spring in the market’s step.

If you're considering buying or selling this spring, reach out to our team – we would be happy to help you navigate your options and determine the most strategic path forward.

Warmly,

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COMING TO YOUR MAILBOX
Keep an eye on your mailbox for the 7th edition of our magazine, BEYOND, arriving at the end of the month.

In this issue, we explore how the arrival of the Toronto Tempo will help shape our city’s evolving community, take a closer look at how artificial intelligence is transforming the way we invest, and share a collection of thoughtful stories and insights designed to inform, inspire, and spark conversation.

TONIGHT: Opening Night of When the Light Returns
March 10, 2026 | 6:30 PM - 8:30 PM

When the Light Returns brings together a compelling group of artists whose practices explore landscape, light, and emotional atmosphere.

The Lobby welcomes Johanna Reynolds, Kara McIntosh, Joyce Yiu and Marianne Sung for a group showing that explores light as memory, presence and renewal.

The Artist talk will begin at 7:30PM. We look forward to seeing you there!

Can't make it tonight? The show will be on until April 17.