Toronto Real Estate Inventory Soars, One of The Weakest Months Ever

Greater Toronto real estate prices are on the rise but may not be the usual sign of market strength. Toronto Regional Real Estate Board (TRREB) data shows the benchmark, or typical home, price climbed significantly in April. However, it wasn’t due to a tight market. Last month marked one of the weakest Aprils on record for existing-home sales, accompanied by new listings jumping nearly 50% higher. 

Greater Toronto Real Estate Prices Ripped Higher… Sort of

Greater Toronto real estate prices made a big jump last month. The benchmark price climbed a whopping 1.3% (+$14,500) to $1,128,100 in April. However, annual growth was 0.97% (-$11,000) lower than the same month last year. Yes, prices remain lower—even with a giant monthly increase. 

Greater Toronto Real Estate Prices

The benchmark price of a typical home across Greater Toronto.

Source: CREA; TRREB; Better Dwelling.

Recall annual growth was positive just last month? It may be a little confusing at first to see a larger monthly increase but a return to negative annual growth. In April 2023, the TRREB benchmark price climbed at double the monthly rate just observed. Since prices are nearly flat, failing to match last year’s increase returned the annual rate to negative territory. 

Toronto Home Sales Amongst Weakest On Record, Surge In Sellers

Rising prices were certainly not due to a sudden surge of competing buyers. TRREB reported just 7,114 home sales in April, a decline of 5% from a year before. Excluding 2020, the first full month of lockdowns, last month marked the slowest April for sales in at least a decade. It follows the slowest March for sales in over a decade as well. 

Toronto Just Had One of The Slowest Aprils On Record

The number of existing home sales reported through TRREB for the month of April.

Source: TRREB; Better Dwelling.

The drop in sales certainly wasn’t due to a lack of choice either. New listings surged 47.2% higher to 16,941 homes for the month. This pushes the sales to new listings ratio (SNLR) to 41%, on the border of a buyer’s market where prices are expected to fall.  

The fewest sales (outside of lockdowns) in over a decade, inventory ripped much higher, and prices climbed. It’s a confusing mix, with agents’ anecdotal evidence indicating the small pool of buyers in the market are trying to “get ahead” of rate cuts, believing the central bank will send prices soaring any minute now. Exuberance, and the anticipation of credit changes, are now in charge of the narrative. 

Whether Greater Toronto has enough exuberant buyers to prop up the market is another story. Especially when one considers that Greater Toronto has recently seen a surge in mortgage delinquencies and rental vacancies



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  • Trevor 1 month ago

    Can confirm. Certainly not a lot of showings, but the people who come in are very much convinced they’ll be locked out or paying more in a few months.

  • Pat 1 month ago

    Don’t worry Sean Fraser and Marc Miller will ensure that they will create excess demand by bringing in a billion more people in this gender political country.

  • Peter M 1 month ago

    So what is happening in Toronto? They keep saying there are tons of people moving here, literally enough to start a new city every month.

    Shops are empty, restaurants empty, malls empty, movie theatres, rental vacancies are up. Traffic is the only thing that changed, and of course that’s what happens when you’re doing construction on every road. Something doesn’t make sense here… what is it?

    • Gerald Haw 1 month ago

      The traffic is intentional. There’s a bonehead idea these fascist planners have adopted that creating roads creates more traffic, so they can reduce roads and make speed limits the same speed as bikes so people will stop using them.

      It makes no sense because the roads don’t increase the number of cars, the increased roads are a pre-cursor to bigger cities with more people. These architecture drop outs need to stay away from math.

      • mick kelley 1 month ago

        numerous studies show the exact opposite to what you are saying gerald sorry but more roads do increase traffic ,no roads no traffic ,motorways lots of traffic ,look it up if it doesnt make sense to you

    • Sociologist 1 month ago

      The social life in T.O is garbage unless you have a cultural diaspora niche to rely upon, even that’s becoming Canadianized.

      Approaching women just to say hi in public, school or the workplace is considered a summary conviction offence of criminal harassment.

      It’s a law meant to destroy gender relations in Canada, causing low birth rates, and thus justifying the immigration frenzy that has Canada increasing its population by a million new people every six months.

      Thailand, Cambodia and Vietnam have densely populated cities, but they are lively. In Toronto, all you get is increased rent prices and very high cost of living with declining health services.

  • Ed 1 month ago

    It’s spending by the government that is holding everything up

  • CD 1 month ago

    haha, burn.

  • Frank 1 month ago

    So buyers are jumping in now anticipating what is now considered a recession, BOC will have no choice other than to cut rates sooner than later . They have tried diligently to crash the housing market with minimal results.

    If you are a first time buyer, buy on the outskirts and commute as many have in the past. When you build equity after 10-15 years, then consider buying in the area you want. To expect to be able to afford as a first time buyer in a high demand area early in life means you either have an incredible job, have inherited $ or won the lotto. If that’s the case, good on you.

  • Greg 1 month ago

    I think the reason for the prices goin up with the amount of listings is that people are trying to get equity out of their homes with the rising mortgage costs. One reason anyways…

  • Tim Bernaski 1 month ago

    I sold in 2021 got out of Dodge best move EVER.Now live in Eastern Ontario on the shore of the mighty ST LAWRENCE heaven.I was a contractor in Toronto and worked on many overpriced crappy houses in crappy areas,but now every area has its own special name .You have to leave to realize how the city sucks the life out of you.

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