Toronto’s Real Estate Market Sharply Plunges in April Amid Higher Borrowing Costs

Canada’s hottest real estate market may not be so hot anymore, as higher borrowing costs, coupled with historically-high home prices deter both buyers and sellers.

Latest data from the Toronto Real Estate Board showed that a total of 8,008 properties traded hands in the Greater Toronto Area last month, marking a staggering 27% decline from March, and a 41.2% drop from the 1`3,613 units sold in April 2021. “Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation,” said TRREB President Kevin Crigger.

All types of properties saw double-digit declines in April, particularly those in the suburbs. The broader slump in Toronto’s real estate market also prompted potential property sellers to halt activities, as new listings fell 11.7% compared to April of last year. The slump in real estate activity led to a 3.5% month-over-month decrease in the average selling price, which sat at $1,254,436 in April.

“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,” explained TRREB Chief Market Analyst Jason Mercer.

Altamira Gold Corp. — sponsored Sponsored · Altamira Gold Corp.

Information for this briefing was found via TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Tungsten Went 6X. I Went to See the Deposit Time Forgot | DD-on-the-GO! – Rackla Metals Inc

The World’s Largest Undeveloped Gold Project Nears a Deal | Rudi Fronk – Seabridge Gold

One of the World’s Biggest Copper Mines Could Reopen Just to Shut Down | First Quantum

Recommended

First Majestic Produces 3.4 Million Ounces of Silver in Q3 2026, Jerritt Canyon Restart Remains on Track

Altamira Gold Drills 134 Metres of 0.5 g/t Gold at Maria Bonita, Hole Ends in Mineralization

Related News

GTA Home Sales Up 25% in October as Demand for Detached Properties Soars

Despite the calls for an impending housing market crash, it appears that Canada’s real estate...

Saturday, November 7, 2020, 11:33:00 AM

Metro Vancouver Home Sales Fall by 44% Despite Prices Remaining High

As a result of physical distancing measures and stay-at-home orders being imposed across Canada as...

Wednesday, June 3, 2020, 07:01:00 PM

Construction Projects in Canada Show Signs of Slowdown as Building Permit Values Fall by 3% in July

It appears that the momentum in Canada’s construction sector is beginning to show signs of...

Monday, August 31, 2020, 06:53:19 PM

Canadian Housing Starts Slow in February Despite Record-High Real Estate Activity

Following a strong start in the first month of the year, housing starts fell by...

Monday, March 15, 2021, 04:19:00 PM

Canada’s Banking Regulator Will Cease Extending Loan Payment Deferrals By The End Of September

It appears that the rules for mortgage deferrals have changed once again. The Office of...

Tuesday, September 1, 2020, 05:13:00 PM