In April 2023, home sales in the Greater Toronto Area (GTA) experienced a significant decline of 23.3% compared to the previous year, as economic uncertainty loomed. TRREB reported 5,601 sales, despite a 1.8% increase from March. Meanwhile, new listings surged by 8.1% year-over-year, with active listings up 54%. The average home price decreased by 4.1% to $1,107,463, indicating a potential housing market downturn. TRREB officials noted that positive changes in U.S.-Canada trade relations could enhance consumer confidence, possibly boosting sales in the future as inventory remains high.
The average selling price decreased 4.1 per cent compared with a year earlier to $1,107,463, indicating a changing market dynamic in the Greater Toronto Area.
TRREB president Elechia Barry-Sproule emphasized that improved trade relations with the U.S. could drive a resurgence in home sales as consumer confidence rises.
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