(Note: Numbers in parentheses are from March)
The spring trend of rising prices is still not evident in April as sales and average prices continue to decline. After increasing last month, new listings dropped to 6,164 (6,537). Sold properties decreased by 35.5% from a year ago. Days on market increased to 12 (10).
Average prices are down compared to March with one exception although still posting double-digit YOY increases. See below for details:
👉 Detached homes experienced an average price surge from $1,920,018 in March to $1,947,975 higher than last year by 14.6% (9.6%). This is the exact opposite of last month when it was the only category that recorded a downturn.
GTA – $1,628,343 ($1,697,396) average sale price, 17.5% (20.9%) YOY
👉 Semi-detached homes are at 14.2% (19.9%) YOY with an average sale price of $1,494,640 ($1,545,447).
GTA – $1,259,243 ($1,317,048) average sale price, 17.8% (26%) YOY
👉 Townhomes sold for $1,345,443 ($1,473,569) on average with 10.5% (21.5%) YOY.
GTA – $1,019,350 ($1,087,733) average sale price, 18.8% (25%) YOY
👉 Average sale price for condos set at $820,835 ($831,351), 12.8% (17.4%) higher than April 2021.
GTA – $789,869 ($808,566) average sale price, 14.1% (19.6%) YOY
These numbers indicate a better-balanced market leaning towards buyers in the months to come. Average prices are lower compared to March across all categories for the GTA. Note that YOY change is still positive. Townhomes are the most heavily affected dropping by almost $130,000 in Toronto and $70,000 in the GTA.
On the ground, viewings and bids have plunged on many listings. We see properties sitting on the market for longer. Demand has slowed as more potential buyers decide to stay on the sidelines. Would-be sellers are also holding back as they further observe the market response to recent changes notably the higher rates.
Daunted by the uncertainties of a shifting market? We are happy to provide you with the right guidance whether you’re looking to buy or sell. If you have questions or need assistance, send us a message. We are always happy to discuss. 📩
