April Market Results

By: Marilyn Palmer

April Market Results

Tags: homes, buying, selling, home prices, Toronto, GTA, Burlington, Oakville, Milton, condominium, home sales

In my humble opinion, we are now seeing a more balanced market.  Yes, Average Selling Prices continue to rise however, there is more choice for the buyers now.  Here are your April Market Results for the GTA and Burlington markets.  Oakville and Milton will follow in a few days.

"With the exception of last year, new listings coming to market exceed that of every other April for the last 10 years.  With the increase in inventory, buyers are finally experiencing more choices in the market.  While inventory is still below the norm, we finally see signs of a more balanced market as the number of active listings increases," says RAHB President Lou Piriano.  

The Burlington market experienced a 31.2% decrease in sales activity when compared to April 2021.  The number of new listings increased by a minimal 4.7%.  For the Average Selling Price and more information on the Burlington results, please click here.

GTA Realtors® reported 8,008 homes sold through TRREB's MLS® system in April - a 41.2% decrease compared to April 2021 and a 27% decrease compared to March 2022.  On a year-over-year basis, the decline in sales was greater in the "905" area code regions surrounding Toronto, particularly for detached homes.  As you can see, the housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthl and annual basis.

The Average selling Price, $1,254,436, was up by 15% compared to April 2021, but down compared to the Average Selling Price of $1,300,082 in March of 2022.

"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,  It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months." said TRREB Chief Market Analyst Jason Mercer.