Toronto housing market sees spring slowdown despite increased listings
Toronto’s real estate market is experiencing a seasonal slowdown this spring, with April showing a decrease in home sales as prices stabilize compared to last year.
The Toronto Regional Real Estate Board (TRREB) reported that the Home Price Index (HPI) Composite benchmark in April remained relatively stable, decreasing by less than one per cent to $1,128,100 compared to last year.
Meanwhile, 7,114 homes changed hands last month, a five per cent drop from April 2023. This dip comes despite a substantial increase in new listings, which were up by 47.2 per cent year-over-year.
In Friday’s release, TRREB’s president, Jennifer Pearce, pointed out a noticeable disparity between buyer and seller behaviour.
“Listings were up markedly in April in comparison to last year and last month,” Pearce said. “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.”
TRREB’s chief market analyst Jason Mercer explained that the increased inventory has led to minimal price movement, offering buyers more negotiating power.
In April, the average price had a year-over-year increase of 0.3 per cent, reaching $1,156,167. Detached homes, semi-detached homes, and condominiums had average price increases of 1.8 per cent, 0.3 per cent, and 0.6 per cent respectively. However, the average price for townhomes declined by 3.7 per cent over the same period.
In the City of Toronto, average home prices year-over-year showed increases across all but one home type in April. Detached homes, semi-detached homes, and condominium prices
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