A total of 5,601 home sales were recorded through the Toronto Regional Real Estate Board’s (TRREB) MLS System in April, down by 23.3% from the 7,302 transactions one year earlier.
But while sales plummeted, new listings in the MLS System soared – 18,836 last month, up by 8.1% from 17,418 in April 2024.
The MLS Home Price Index Composite benchmark was down by 5.4% year-over-year while the average selling price last month was $1.10 million, down 4.1% from $1.15 million in April 2024.
On a month-over-month measurement, home sales were down from March’s total of 5,011 and the average selling price was up slightly from $1.09 million.
“Right now, resale housing supply is increasing in the GTA [Greater Toronto Area],” said TRREB CEO John DiMichele. “However, as demand picks up and the population continues to grow with immigration, we will need to build more homes. Pre-construction sales have trended lower over the past year and therefore we will continue to see fewer housing starts. This means the supply pipeline will ultimately run dry. TRREB will be continuing to work with all levels of government on initiatives that promote fair and equitable taxation, reduce barriers for first-time homebuyers, and expand housing supply options throughout the province.”
