Toronto housing market

The average selling price for all types of houses and condos was $1.25 million in April.

New condos downtown continue to be the costliest and increased by 14 per cent to $1,637 per square foot, on average, in the first quarter. The inventory of unsold condos also hit the lowest level in 18 quarters, according to a report from market research firm Urbanation. In a recent interview, Royal LePage CEO Phil Soper told the Star that when home sales slow, it’s typical for a gulf to open between buyer and seller expectations. But with more homes listed and less competition among buyers, “the annual pace of growth will moderate in the coming months,” he said. The real estate board found sales declined most in April in the 905 region surrounding the city. The Bank of Canada hiked its overnight rate from 0.25 per cent to 0.5 per cent in March, then doubled it again to one per cent on April 13. Sellers don’t want to believe their homes are worth less than those of their neighbours who sold for more. Realtors says they have been seeing fewer showings in many areas of the GTA for more than a month, although some homes and neighbourhoods continue to draw competition. Economists had been expecting the central bank’s overnight rate to rise to 2.25 per cent by the end of the year. Although condo prices slumped for much of 2021, the real estate board found those home prices continued to rebound in April, rising 14 per cent across the GTA. Condo prices in the 905 zone rose 18 per cent annually, compared to about 13 per cent in Toronto. Sales were also down 34.5 per cent in the city, compared to a slightly lower 32.2 per cent drop in the 905 areas. The average selling price of a detached house in the suburbs was $1.26 million in April, compared to $1.63 million in the city of Toronto — a 17.5 per cent annual increase region-wide. Sales of detached houses that saw the most price escalation in the last two years plunged 47.2 per cent year over year in April. Those homes saw a 34 per cent sales decline in the city of Toronto.

After two years of the pandemic characterized by bidding wars and soaring prices, Toronto homes are taking longer to sell and some are not getting any ...

In Halton, to the west of the city, the index fell 6 per cent. The home price index fell in almost every part of the Toronto region except for the city, where it rose 1 per cent from March to April. Compared with last April, the home price index is up 30.6 per cent. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. The home-price index, which adjusts for pricing volatility and is the industry’s preferred measure of home values, was $1,354,000 in April. That was down 1.6 per cent over March and represents the first monthly decline since October, 2020. The central bank has raised rates twice, to 1 per cent, and has said more increases are coming to help control soaring inflation.

Toronto home prices declined for the second straight month as higher borrowing costs start to bite in what has been one of the world's hottest housing ...

Toronto home prices slid three per cent on a month-over-month basis and sales slowed significantly in April as rising interest rates started to weigh more ...

The supply issue is one that Canada’s leading housing authority is looking at. “Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year,” said TRREB chief market analyst Jason Mercer in a release. “Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs.”