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.