Home sales in the GTA followed seasonal trends with a slight increase from March, but were down 23.3% year-over-year. Buyers remained cautious, awaiting lower interest rates and more economic certainty.
The Average Selling Price of property in most neighbourhoods continued to stay steady or increase slightly. The seasonal ‘Spring Market’ bump in demand and price hasn’t shown up yet.
New listings rose 8.1% compared to April 2024, offering greater inventory and more options for buyers. This has led to increased price negotiation power.
The Condo market has seen an increase in sales each month since a low in December. Price favours the buyer with a year’s worth of inventory available.
The Toronto Regional Real Estate Board noted that improved affordability, due to lower prices and borrowing costs, helped ease monthly mortgage payments. Consumer confidence could improve further as economic and trade conditions continue to stabilize.
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