➕‘the numbers’ for the April are in. Tightening market supply, increasing competition, and a gradual recovery in average price continued to be Toronto’s spring market housing story in April.
Overall, April’s home sales remained below 2022. New listings, which traditionally proliferate in the spring market, declined 29% vs. April 2023. The lack of listings this spring coupled with increasing demand for home ownership helped push prices higher since the beginning of the year. The average selling price for all types of houses and condos increased about 6% to $1.12M in April over $1.05M in March, though still remains -10% below April 2022.
“Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government” said TRREB President Paul Baron.
Looking to buy or sell a home in Toronto? Average prices in April were as follows:
➕Detached $1,787,752 [-12% vs. 2022]
➕Semi-detached $1,326,462 [-25% vs. 2022]
➕Townhouse $1,053,864 [-20% vs. 2022]
➕Condo $751,916 [-2% vs. 2022]