TORONTO — Home sales in the Greater Toronto Area (GTA) fell by 23.3% in April, reflecting ongoing concerns about the economy.
According to the Toronto Regional Real Estate Board (TRREB), 5,601 homes were sold last month, a significant drop from 7,302 in April 2024. However, sales saw a slight increase of 1.8% from March, when adjusted for seasonal variations.
The number of new listings in the GTA rose by 8.1% compared to the previous year, with 18,836 properties added to the market in April.
TRREB President Elechia Barry-Sproule noted that if the trade relationship between Canada and the U.S. improves following the federal election, there could be a boost in home sales. This would be fueled by increased consumer confidence, along with a market that is becoming more affordable and better supplied.
The average selling price of homes dropped by 5.4% from last year, to $1,107,463. Meanwhile, the composite benchmark price, which reflects the typical home, decreased by 4.1% year-over-year.
The number of active listings surged to 27,386, marking a 54% increase compared to April 2024, when there were only 17,783 listings.
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