The average selling price in March was up 1.3 per cent year-over-year to 1.12 million.

Affordability continues to be a major challenge for prospective buyers in the Toronto area. Even with forecasts that the Bank of Canada will likely lower its key interest rate later this year, many people will still find themselves priced out of the market.

We have a lot of people on the sidelines not because they don’t plan to purchase, but they have a wait and see attitude. Interest rate cuts are likely only a few months away, so people want to wait and evaluate mortgage carrying costs.

Population growth has become so prominent in terms of driving demand that prices have stayed high, while at the same time sales have fallen off because of affordability.

My advice to clients is that they may need to look farther out in the Greater Toronto Area for affordable home prices if they are set on staying nearby.