Buyers have no shortage of options in Toronto’s real estate market this spring. According to the latest figures from the Toronto Regional Real Estate Board (TRREB), April showers brought a slump in home sales compared to April 2023, when there was a temporary resurgence in activity after an interest rate-driven cooling following the city’s red-hot pandemic real estate run. The month also saw a notable increase in new listings year-over-year, offering more choice for homebuyers and little movement in the average selling price compared to April 2023.
Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the TRREB MLS® System in April 2024 – down by 5% compared to April 2023. New listings were up by 47.2% over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up compared to March.
“Listings were up markedly in April in comparison to last year and last month,” said TRREB President Jennifer Pearce. “Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home.”
Source: TRREB
The MLS® Home Price Index (HPI) Composite benchmark was down by less than 1% year-over-year. The average selling price was up by 0.3% to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4% and the average selling price was up by 1.5% compared to March.
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April,” says TRREB Chief Market Analyst Jason Mercer. “As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025.”
With economists anticipating a deceleration in the economy in the second quarter of the year, all eyes will be on the Bank of Canada’s next interest rate announcement in June.
Canada's Home Sale Gains End In July With Drop Led By GTA
Canada home sales
Rate cut or not, as today’s report highlights, TRREB stresses a need for improved affordability and choice in Toronto’s housing market.
“All levels of government have announced plans and stated that they are committed to improving affordability and choice for residents,” said TRREB CEO John DiMichele. “However, more work is needed on alignment to achieve these goals, whether we’re talking about bringing enough housing online to account for future population growth or finding the right balance between government spending and combatting inflation. We can’t have policies in opposition. Housing policy alignment is key to achieving sustained, tangible results.”
