The average selling price in the Greater Toronto Area was 1.15 million in April – down 7.8% compared to April 2022. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The absence of new listings is part of a vicious circle where people feel that if they sell their home, they won’t be able to find another home that meets their needs. A lot of times people will decide to stay where they are and renovate instead. As well, some homeowners have been hesitant to put their properties up for sale when prices are still lower than last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply.