Greater Toronto home sales down in April but new listings surge: board

A sold sign is displayed in front of a house in the Riverdale area of Toronto on Wednesday, September 29, 2021. THE CANADIAN PRESS/Evan Buhler

The Toronto Regional Real Estate Board says Greater Toronto home sales in April were down five per cent from last year, but new listings surged, which created more choice for buyers and kept prices stable.

The board says 7,114 homes changed hands in the month compared with 7,487 last year, noting April 2023 saw a temporary resurgence in market activity that led to a sales boost.

The average selling price was up 0.3 per cent year-over-year to $1,156,167.

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New listings jumped 47.2 per cent over the same period, with 16,941 properties put on the market last month compared with 11,509 in April 2023.

TRREB president Jennifer Pearce attributes the increase in new listings to many homeowners anticipating more demand this spring.

But while sales are expected to pick up, she says "many would-be homebuyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home."

This report by The Canadian Press was first published May 3, 2024.