Home sales in the Greater Toronto Area (GTA) declined 5.2% in April from a year earlier, though they were up 9% from March of this year amid signs that a recovery is taking hold.
The Toronto Regional Real Estate Board (TRREB) said that home sales across the GTA in April totaled 7,531, and that sales outpaced new listings, which were down by over a third from a year ago.
The average price of a home sold in the GTA during April was lower than a year ago, falling 7.8% to $1.15 million.
The real estate board said buyers are returning to the housing market now that the Bank of Canada has paused its interest rate increases.
Canada’s housing market fell sharply as the central bank hiked interest rates eight consecutive times in the past year, lifting the average interest rate charged on a mortgage above 6%.
Real estate agents say they are starting to see the housing market turnaround as interest rates stabilize, according to TRREB.
Vancouver Sales Slump
Across the country in Vancouver, British Columbia, home sales totalled 2,741 in April, 16% below the 10-year seasonal average and down 16.5% from a year ago.
The average home price in Metro Vancouver was $1.17 million in April, down 7.4% from a year earlier but up 2.4% from March of this year.
New listings in Vancouver during April declined 30% compared with a year earlier and were 22% below the 10-year seasonal average.
The Real Estate Board of Greater Vancouver said the latest numbers show that home sales are staging a comeback and that it too is seeing a recovery take place in the housing market.
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