(Toronto) The GTA housing market continued to tighten last month as prices rose 4% from March and sales edged closer to where they were last April, Wednesday revealed. the region’s real estate board.
Sales for the month were 7,531, down 5.2% from a year ago, but up about 9% from March.
Those sales have outpaced new listings, which are down more than a third from a year earlier, fueling increased competition among buyers who were hesitant to purchase homes earlier this year.
Eight consecutive interest rate hikes pushed these buyers away, undermining their borrowing power, even as prices began to fall.
Their hesitation and lower prices have also weighed on sellers, as many have delayed listing their property for fear they will fail to secure the large sums or bidding wars their neighbors have had in 2021 and early 2022.
April’s supply level was much lower than what the city has experienced in the past. New listings for the month totaled 11,364, down 38.3% from the same month last year.
The average price was also lower than it was a year ago, dropping 7.8% to $1,153,269.
April’s average price was about 4% higher than the $1,108,499 the average buyer paid in March.