April Real Estate Market

Toronto Real Estate Board April MLS sale statistics:

• GTA single family home sales including condominiums - 8,008.
• Volume - down 41.2%, compared to April 2021 13,613 sales.
• Volume - down 27% compared to March 2022 10,955 sales.
• Average price of a GTA single family home - $1,288,834.
• Up 17.7% from 2021's average price of $1,095,380.

“Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month. It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

• November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
• April 2022 25-50% of central district properties sold for asking or under daily.

The April residential resale market was a changing market with both buyer and sellers fears of a downturn.

• The GTA freehold inventory remains limited.
• April some well-priced or under-priced homes sold for over asking price in bidding wars or "bully offers".
• Some ambitiously priced properties remain unsold after 2, 3 months or more.
• The average condo selling price Q1 2021 : $645,503, Q1 2022 : $790,398, up 22.4%.
• In general, prices are moderating and homes take longer to sell. However, there are exeptions to these trends depending on the neighbourhood and the property.