A real estate sign is displayed in front of a house in the Riverdale area of Toronto on Wednesday, September 29, 2021. THE CANADIAN PRESS/Evan Buhler
Toronto’s housing market continued to tighten last month as prices edged up four per cent from March and sales moved closer to the level they were at last April, the Toronto Regional Real Estate Board revealed Wednesday.
Sales for the month hit 7,531, down 5.2 per cent from a year ago but up about nine per cent from March.
Those sales outpaced new listings, which were down by over a third from a year before, fuelling more competition between buyers who were too hesitant to buy homes earlier this year.
Pushing these buyers to the sidelines were eight consecutive interest rate hikes, which took a bite out of their borrowing power, even as prices started to tumble.
Their hesitance and those lower prices weighed on sellers too as many held off listing their homes because they won’t fetch the big sums or bidding wars their neighbours had in 2021 and early 2022.
But real estate agents have started to see the market turn in recent months.
“Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year,” said TRREB president Paul Baron in a statement.
“The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply.”
April’s supply level was much lower than the city has seen in the past. New listings for the month totalled 11,364, down 38.3 per cent from a year ago.
The average price was also lower than it was a year ago, tumbling 7.8 per cent to $1,153,269.
April’s average price was roughly four per cent higher than the $1,108,499 the average buyer paid in March.
Detached homes fell 8.3 per cent since last April to $1,489,258, while semi-detached properties dropped 9.8 per cent to $1,135,599.
Townhouses slid 3.2 per cent to $986,121 over the same time period and condos were down eight per cent to $724,118.
Toronto’s data was released a day after the Real Estate Board of Greater published its April data, which it said showed home sales are staging a comeback and headed toward levels seen last spring.
Last month’s Vancouver area sales totalled 2,741, almost 16 per cent below the 10-year seasonal average and 16.5 per cent below the April 2022 level.
The composite benchmark price for all residential properties in Metro Vancouver hit $1,170,700 last month, down 7.4 per cent from a year ago but up 2.4 per cent from March.
There were 4,307 new listings last month, a 29.7 per cent decrease, when compared with the prior April and a 22 per cent drop from the 10-year seasonal average of 5,525.
This report by The Canadian Press was first published May 3, 2023.
