The Greater Toronto Area recorded 7,114 home sales during April, down 5% from last year, according to the Toronto Regional Real Estate Board (TRREB). This occurred while new listings were up 47.2% year-over-year.
“Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring,” said TRREB President Jennifer Pearce. “While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home.”
The MLS Home Price Index (HPI) Composite benchmark was down by less than 1% from one year earlier, with the average selling price inching up by 0.3% to $1.15 million. On a seasonally adjusted month-over-month basis, the MLS HPI Composite was up by 0.4% and the average selling price was up by 1.5% compared to March.
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April,” added TRREB Chief Market Analyst Jason Mercer. “As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025.”
