Home sales in the Greater Toronto Area were down 23.3 per cent in April compared to April 2024 as potential buyers continue to wait for lower borrowing costs and for certainty about the trajectory of the economy. If the trade relationship between Canada and the United States improves following last week’s federal election, there could be an uptick in home sales driven by higher consumer confidence and a market that is both more affordable and better supplied. The average selling price for all home types, at $1.1 million, was down 4.1 per cent compared to April 2024. Average selling prices have remained relatively flat, but are finally beginning to show greater price drops as supply outstrips demand. Inventory levels remained elevated in April, pointing to substantial choice for households looking to purchase a home in the Greater Toronto Area. Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average sale price across all market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments.