Home sales were down in the Greater Toronto Area (GTA) housing market last month amid a limited inventory and fraying economy, according to data from the Toronto Regional Real Estate Board (TRREB).
GTA Realtors reported 7,531 sales through TRREB’s MLS System in April, a 5.2% year-over-year decline and a reversal from the annual sales uptick in March. New listings were down by 38.3% in April compared to the previous year.
The MLS Home Price Index Composite Benchmark was down by 12.1% year-over-year, with the average selling price in the GTA at $1.15 million, a 7.8% drop from $1.25 million one year before
“Lack of affordability in the GTA ownership and rental housing markets has been well-documented,” said TRREB CEO John DiMichele. “On top of this, households faced with steep price increases for basic goods and services have had to make tough decisions to adapt. It is time for governments to make tough choices as well. On average, every dollar a household makes in the first half of the year goes to taxes. Governments need to provide more value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving forward.”
;
