House sales in the Grand Toronto region fell 23.3% in April in the middle of continuous uncertainty on the economy, because prices have dropped for the third consecutive month.
The Toronto Regional Real Estate Board said on Tuesday that 5,601 houses were sold last month, compared to 7,302 in April 2024, while sales increased by 1.8% compared to March on a seasonal adjusted basis.
Meanwhile, 18,836 new properties were listed in the GTA last month, up 8.1% compared to last year.
Stocks continuing to increase and prices drop, the prerequisites for a housing rebound are in place, said the board of directors, but that will probably not happen until economic confidence is restored.
“Following the recent federal elections, many GTA households closely follow the evolution of our trade relations with the United States,” said Trreb president Elechia Barry-Sprroule in a press release.
“If this relationship evolves in a positive direction, we could see an increase in transactions motivated by better consumer confidence and a market that is both more affordable and better supplied.”
The average sale price decreased by 4.1% compared to one year earlier to $ 1,107,463, and the composite reference price, intended to represent the typical house, fell by 5.4% in annual sliding.
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Active announcements reached 27,386 last month, up 54% compared to the inventory of 17,783 units of April 2024.
But the economic uncertainty fired by the current trade war with the United States does not seem to dissipate imminent. Scott Ingram, a sales representative of Century 21 Regal Realty in Toronto, said that the GTA real estate market could stay on the softer side for a while.
“Things will bounce back as soon as people start to feel a little better? I don’t know about it,” said Ingram, predicting a “slow rise” once the feeling begins to improve.
“I don’t think it’s going to Boomerang in return or getting the other way it.” The pendulum will swing more slowly when it is. ”
Although this may seem that potential buyers “expect things” on the sidelines, Ingram said that many have already “left the stadium or have been expelled” due to inactions.
Others could be intrigued by the drop in prices and counting on this slide to continue before moving.
“I have customers who have been looking for three years now … And they still keep your eyes on things, but they certainly do not have a sense of urgency right now, and they shouldn’t,” said Ingram.
“There are many more choices than normally on the market right now and I think people are a bit reluctant to buy.”
The drop in house sales in GTA last month was in accordance with other Canadian markets because the Vancouver region recorded a 23.6% drop in the other in the number of residential properties that changed hands in April. Calgary also recorded a drop of 22.3%.
In the city of Toronto, there were 2,129 sales last month, a drop of 17.7% compared to April 2024. Throughout the rest of the GTA, house sales dropped from 26.4% to 3,472.
All types of properties saw fewer sales in April compared to a year ago throughout the region.
The most steep drop was on the condos market, where 30.4% less sold properties, followed by houses in row with 22.9% less sales and detached houses recording a drop of 21.7%. There were 10% sales of less semi-detached houses.
This is a corrected story. A previous version incorrectly exchanged the decreases in percentage of the average selling price and the composite reference price.
& Copy 2025 the Canadian press