GTA home sales fell more than 20% in April, real estate board says
Home sales in the Greater Toronto Area were down 23.3 per cent in April amid continued uncertainty over the economy.
The Toronto Regional Real Estate Board (TRREB) said 5,601 homes were sold last month, compared with 7,302 in April 2024, while sales were up 1.8 per cent from March on a seasonally adjusted basis.
The board said 18,836 new properties were listed in the GTA last month, up 8.1 per cent compared with last year.
With inventory continuing to rise and prices falling, the preconditions for a housing rebound are in place, the board said, but that likely won't happen until economic confidence is restored.
"Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States," said TRREB president Elechia Barry-Sproule in a news release.
"If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied," she said.
Active listings up 54% compared to last April: board
The average selling price decreased 4.1 per cent compared with a year earlier to $1,107,463, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent year-over-year.
Active listings hit 27,386 last month, up 54 per cent from April 2024's inventory of 17,783 units.
"Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA," said TRREB chief information officer Jason Mercer in a news release.
"Right now, resale housing supply is increasing in the GTA. However, as demand picks up and the population continues to grow with immigration, we will need to build more homes."
In the City of Toronto, there were 2,129 sales last month, a 17.7 per cent decrease from April 2024. Throughout the rest of the GTA, home sales fell 26.4 per cent to 3,472.
All property types saw fewer sales in April compared with a year ago throughout the region.
The steepest decline was in the condo market, where 30.4 per cent fewer properties sold, followed by townhouses with 22.9 per cent fewer sales and detached houses recording a 21.7 per cent decrease. There were 10 per cent fewer sales of semi-detached homes.
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Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. 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But unlike the government's 'One Canadian Economy' legislation, which was rushed through the House of Commons and Senate during the four-week sitting, the bill on GST rebates must wait for Parliament to return in the fall. The government's prioritization of fast-tracking approvals for major projects and managing trade tensions with the U.S. reflects a shift in the public's priorities, as well. Polling by Abacus Data shows U.S. President Donald Trump is the second-most important issue to Canadians, with housing and the economy nearly tied for third. (The rising cost of living – which includes housing costs – was the No. 1 issue.) Mike Moffatt, founding director of the University of Ottawa's Missing Middle Initiative, said the shift in priorities is understandable, though he warned housing could become of greater importance again. 'The government would be doing itself favours if they do the legwork now, because if it becomes a big concern, or the primary concern for Canadians, again, it might be too late to really address that,' Mr. Moffatt said. The trade war with the United States also has repercussions for the housing market, which won't make the government's job of spurring homebuilding any easier. RBC assistant chief economist Robert Hogue said the housing market is slowing down in part as 'payback for an exceptionally strong period' after the onset of the COVID-19 pandemic. 'However, the trade war kind of put a damper on things and really affected confidence in most of Canada, and that's when we saw, through the winter and spring, a lot of potential home buyers saying, 'might as well sit it out,'' he said. These three housing markets are bucking national trends, and Trump is one reason why 'The challenge is to get more demand for new construction at a time when building costs have gone up and and you've got now more inventory in the existing home market, in many places around Canada.' Mr. Moffatt said as the government works on setting up the organization, it needs to roll out policies that will have a more immediate effect on the housing market. For example, the government could expand its proposed GST rebate so that all homebuyers of a primary residence are eligible, he said. Ontario Premier Doug Ford said in the spring his government would match the tax break if it were extended to all homebuyers. Prof. Whitzman said social-housing builders also are seeking information on a number of programs, including the affordable housing fund, which provided capital for the repair of existing affordable and community housing. That fund recently ran out of money, leaving its future in limbo. 'I'm not saying Build Canada Homes is a bad idea,' she said. 'But there's stuff that could be happening tomorrow and there's stuff that should be happening tomorrow.'
