Home sales in Toronto are down compared to last year and that might not be a bad thing
The sale of homes in the GTA dropped dramatically compared to 12 months ago. 🏠
The sale of homes in Toronto is way down from this time last year.
If you've been eyeing up a property in Toronto but cringing at the price tags, here's a bit of news that might actually make you feel better.
According to the Toronto Regional Real Estate Board (TRREB), April saw more home sales than March in the GTA — no surprise there, as spring usually heats the market. But when you stack it up against last year, sales were way down, dropping 23.3% compared to April 2024.
Buyers are still on pause, waiting for interest rates to finally chill and for the economy to give us something, anything, stable.
TRREB President Elechia Barry-Sproule pointed out that buyers across the GTA are keeping a close eye on Canada's trade relationship with the U.S. following the recent federal election. If that improves, it could boost consumer confidence and possibly rebound home sales.
But until then, here's what the April numbers are telling us:
- 5,601 homes sold in April across the GTA
- New listings climbed 8.1% year-over-year
- Average selling price is $1,107,463 — down 4.1% from last April
- Prices dipped even more when seasonally adjusted from March
If you're hunting for a home anywhere from Leslieville to Etobicoke, the good news is that there is a bit of choice. TRREB's Jason Mercer says inventory stayed high in April, which gave buyers more leverage to negotiate, meaning better deals and (slightly) less terrifying monthly payments.
Still, TRREB's CEO John DiMichele isn't breaking out the confetti just yet. He warns that while resale inventory is solid right now, it might not last. Pre-construction sales have slowed, which means fewer housing starts and fewer new homes down the line.
DiMichele says the TTREB is working with all levels of government to tackle affordability, improve taxation policies, and boost the housing supply.
In the meantime, if you've been waiting for a more buyer-friendly moment in Toronto's market, this might be your chance to make a move.
This article's cover image was used for illustrative purposes only.
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