April sees decrease in Greater Toronto home sales, but surge in new listings: Board

May 3, 2024 TruthUSA

The Toronto Regional Real Estate Board reports that home sales in Greater Toronto for April decreased by five percent compared to last year. However, there was a significant increase in new listings, providing more options for buyers and maintaining stable prices.

In April, 7,114 homes were sold, down from 7,487 the previous year. The board attributes this decrease to a temporary surge in market activity in April 2023 that boosted sales.

The average selling price rose by 0.3 percent year-over-year to $1,156,167.

New listings saw a substantial 47.2 percent increase over the same period, with 16,941 properties listed last month compared to 11,509 in April 2023.

Jennifer Pearce, president of TRREB, credits the rise in new listings to homeowners expecting higher demand this spring.

However, Pearce notes that while sales are anticipated to improve, many potential homebuyers are likely waiting for the Bank of Canada to initiate rate cuts before making a purchase.