RARE’s Economic Research Department meticulously examines TREB’s monthly data releases, distilling them into an easily digestible and insightful format within our market report.
Inventory surged. Sales slumped. And despite improved affordability, pressure on Toronto Metro’s housing market continued to build. From record-low construction activity to the weakest April condo balance in nearly two decades, the spring market isn’t following the usual script…
Toronto Metro’s housing market remained weak in April, with sluggish sales, elevated new listings, and active inventory hitting a record high. Market conditions worsened, particularly for condos, as key market balance indicators hit their weakest levels for April since at least 2006. Home prices showed mixed trends, while the rental market softened. New construction faced challenges as sales hit historic lows and housing starts declined, though completions surged. Mortgage rates edged up, but affordability improved due to declining home prices.
Toronto Metro sales rose to 5,601 in April but remained largely unchanged after seasonal adjustment, marking the weakest April level since at least 2006, excluding the pandemic period. This represented a 12% month-over-month increase, a 21% year-over-year decline, and a level 34% below the 10-year average. Sales typically rise between January and May.
New listings rose in April to 18,836 – up 9% month-over-month, 11% higher year-over-year, and 15% above the 10-year average. The monthly change was mostly in line with seasonal patterns, as new listings typically rise between January and May.