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Greater Toronto Area home sales in April edged up from March but still dropped 23 per cent from a year ago as buyers held out for lower borrowing costs and clarity on where the economy is headed.
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The Toronto Regional Real Estate Board (TRREB) reported Tuesday that 5,601 properties were sold last month, considerably lower than the 7,302 sold in April 2024. On a seasonally adjusted basis, sales increased 1.8 per cent compared to March.
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Sales declined for all property types across the GTA compared to last year. Condos had the biggest drop, with 30.4 per cent fewer sales, followed by townhouses at 22.9 per cent, detached homes at 21.7 per cent and semi-detached homes at 10 per cent.
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“Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States,” TRREB president Elechia Barry-Sproule said in a press release. “If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied.”
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The average selling price for all home types across the GTA decreased 4.1 per cent year-over-year in April to $1,107,463. The composite benchmark price, which represents a “typical” home in the area, was down 5.4 per cent to $1,009,400.
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Condos led price declines among all property types as average prices dropped 6.8 per cent in April compared to last year. This was followed by detached homes at 5.4 per cent, semi-detached homes at 4.1 per cent and townhouses at 3.9 per cent.
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New listings were up 8.1 per cent year-over-year in April as 18,836 properties hit the market, while total active listings shot up 54 per cent to 27,386.
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“Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA,” TRREB chief information officer Jason Mercer said in a release. “Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year.”
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