The Toronto Regional Real Estate Board (TRREB) has published its April housing figures. With 5,601 sales reported through the MLS system, this marks a 23.3% year-over-year decline. While supply levels have risen and affordability has improved, many buyers appear to be adopting a cautious approach, likely due to ongoing economic uncertainty and questions surrounding the market’s direction.
With the rate of new listings continuing to outpace the rate of sales, the market remains well-supplied heading into May. The 18,836 new listings represent a year-over-year increase of 8.1%, with active listings rising 54.0% to 27,386. Housing inventory now sits at 4.9-months.
With the increase in inventory, average prices came down slightly. The average selling price of $1,107,464 represents a 4.1% decrease from April 2024. The MLS Home Price Index (HPI) Composite Benchmark was down 5.44% year-over-year (-4.48% in Toronto).
The average sale took place in 25 days on market at 99% of the listing price, with 69.1% of transactions falling between $600,000 and $1,500,000. Sales of homes over $2,000,000 were up by 6.9%. Detached homes represented 45.6% of total sales, followed by condo apartments at 25.5%.
Looking at prices by housing type: Detached homes sold for an average of $1,431,495, representing a 1.8% decrease from a year earlier, and a month-over-month decrease of 0.6%. The average price for semi-detached homes was $1,088,848 (-4.1%/-2.1%), townhomes sold on average for $912,629 (-3.9%/+0.1%), and the average price of condos was $678,048 (-6.8%/-0.6%).
As households across the GTA assess the implications of the recent federal election, attention has turned to the state of Canada’s trade relationship with the U.S. A positive shift could bolster consumer sentiment and spark renewed activity in the housing market. In the meantime, elevated inventory levels are offering buyers greater choice and negotiation power, leading to softer average prices. Combined with lower borrowing costs, this has contributed to improved affordability across several market segments. While conditions are becoming more favourable, the path forward will depend on how key political and economic factors continue to unfold.
Considering a real estate move? Speak with a trusted member of the Harvey Kalles Real Estate sales team. We’re here to provide clarity on the current market and answer your questions. With a legacy dating back to 1957, our brokerage brings extensive expertise to every transaction, across all market conditions.
