Home sales in the Greater Toronto Area saw an increase for the second consecutive month in April compared to the same period last year. The Toronto Regional Real Estate Board (TRREB) reported a total of 5,946 homes sold in April, marking a seven percent rise from the previous year. Additionally, sales were up by 6.1 percent when adjusted for seasonal variations from March.
The average selling price in April 2025 dropped by 4.9 percent to $1,051,969. The composite benchmark price, reflecting the standard home value, also decreased by 6.6 percent year-over-year. Lower home prices and reduced borrowing costs in the past year have encouraged some homebuyers to act this spring, noted TRREB’s chief information officer, Jason Mercer.
Despite the recent uptick in transactions and a decline in inventory, prices have yet to stabilize, creating a favorable opportunity for buyers to enter the market, according to Jessica Hammell from Real Broker Ontario. While some well-positioned properties are still attracting competition and multiple offers, others in less desirable locations provide buyers with more negotiating power.
In the City of Toronto, there were 2,312 sales in April, showing a 9.2 percent increase compared to the same month in the previous year. Home sales across the rest of the Greater Toronto Area rose by 5.7 percent to reach 3,634. All housing types experienced heightened activity, with detached home sales and condo sales leading the way with increases of 9.2 percent and 9.1 percent, respectively.
The surge in condo sales last month might indicate a potential turnaround in that property segment, which has faced a decline in recent years due to imbalances between supply and demand. Hammell highlighted that the current market conditions have improved affordability, presenting a window of opportunity for first-time buyers to enter the real estate market.