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.

Selkirk Copper Mines — sponsored Sponsored · Selkirk Copper Mines

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

Red Cloud Fall Mining Showcase 2026 | Day 2

More Gold Without a Bigger Upfront Bill? | Keith Boyle – New Found Gold

The Red Cloud Fall Mining Showcase 2026 | Day 1

Recommended

First Majestic Hits 4.24 g/t Gold Over 48.8 Metres at Saval as Jerritt Canyon Restart Advances

First Majestic Lifts Q3 Revenue 38% to US$394.1 Million on Higher Silver Prices

Related News

Canada’s Liberal Government To Ban Foreign Homebuyers

The Canadian government is set to unveil a ban on foreign homebuyers within their budget...

Wednesday, April 6, 2022, 09:12:41 PM

Mortgage Amortization, Illustrated

Mortgage amortization is the length of time it will take to pay off the entire...

Tuesday, December 13, 2022, 11:00:00 AM

Canadian Home Sales Drop by Record Amount Amid Coronavirus Pandemic

According to a recent report released by the Canadian Real Estate Association, home sales have...

Sunday, May 17, 2020, 03:08:00 PM

Mortgage Rates Hit Highest Level In 13 Years: “Affordability Crisis Dialed Up To An 11 Out Of 10”

Homebuyers are backing out of the market as mortgage rates have increased to their highest...

Friday, June 24, 2022, 02:20:00 PM

Toronto Unveils Ambitious $36 Billion Plan for 65,000 Rental Homes

As being a landlord continues to be in vogue among Canadian officials, Toronto kicks it...

Thursday, October 26, 2023, 12:58:00 PM