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3w ago

Toronto Home Sales Drop 23.3% Year-Over-Year, Slight Monthly Uptick Observed

Greater Toronto Area's housing market faces declining prices and rising inventory, with trade tensions and economic uncertainty dampening buyer confidence.

A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo
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Home sales in the Greater Toronto Area were down 23.3 per cent in April amid continued uncertainty over the economy. Real estate signage is shown in Oakville, Ont., west of Toronto on Saturday, May 11, 2024. THE CANADIAN PRESS/Richard Buchan

Overview

  • Home sales in the Greater Toronto Area fell 23.3% in April compared to the same month last year, according to Toronto Regional Real Estate Board data.
  • Seasonally adjusted sales rose 1.8% month-over-month, marking a modest recovery after declines in February and March.
  • The average selling price dropped 5.4% year-over-year to $1,107,463, while the composite benchmark price declined 4.1%.
  • Active listings surged 54% from April 2024, hitting 27,386 units, while new property listings increased 8.1% year-over-year.
  • TRREB President Elechia Barry-Sproule highlighted that improved Canada-U.S. trade relations could boost consumer confidence and home sales in the near future.