In April, the Greater Toronto area experienced a slight dip in home sales compared to the previous year, but there was a notable surge in new listings, providing buyers with more options and maintaining stable prices, according to the Toronto Regional Real Estate Board (TRREB).
Reports from the board indicate that 7,114 homes were sold last month, marking a five percent decrease from the 7,487 homes sold during the same period last year. However, it's worth noting that April 2023 witnessed a temporary surge in market activity, resulting in increased sales.
Despite the slight decrease in sales volume, the average selling price in the Greater Toronto area saw a modest increase of 0.3 percent year-over-year, reaching $1,156,167.
The most significant development in the market was the substantial increase in new listings, which jumped by 47.2 percent compared to April 2023. A total of 16,941 properties were listed for sale last month, a significant surge from the 11,509 properties listed during the same period the previous year.
TRREB president Jennifer Pearce attributes this surge in new listings to many homeowners anticipating heightened demand during the spring season. However, Pearce also notes that prospective homebuyers may be holding off on their purchases, anticipating potential interest rate cuts by the Bank of Canada.
While sales are expected to pick up in the coming months, Pearce suggests that some potential buyers are adopting a wait-and-see approach, possibly until there are concrete actions regarding interest rate adjustments by the central bank.
