Home values across the GTA increased to $1,051,969 in April, marking the third consecutive monthly gain. Prices rose by 3.3% month over month, while remaining down 5% year over year. For the first time this year, new listings surpassed 15,000, with 17,097 properties brought to market in April. Typical spring activity pushed total active listings to 25,110, a 15.7% monthly increase, though inventory remains down by 2,276 properties, or 8.3%, compared with last year. Despite this yearly decline, listings remain elevated by historical standards, sitting 64% above the long term monthly average. Sales totalled 5,946, a strong 18% monthly increase, while posting a 6% gain year over year.
“Lower home prices and borrowing costs over the past year have been a catalyst for some homebuyers this spring. However, we still have a substantial amount of pent-up demand in the marketplace. More certainty on the trade front and an easing in geopolitical tensions would result in further improvements in market activity,” said TRREB’s Chief Information Officer Jason Mercer.
The detached market saw the average sales price rise to $1,372,688, representing a notable rebound of $94,773 since January, when homes were selling for an average of $1,277,915. There were 8,028 new listings during the month, bringing the total active detached inventory to 11,160. Sales totalled 2,759, a 23% monthly increase, while rising 8% year over year.
The GTA condo market continues to navigate elevated supply levels. The average sales price sits at $635,653, down 21% from peak levels and 6.25% year over year, though prices have rebounded 5% from the January low of $604,759. Inventory remains high with 8,388 units available, sitting 85% above historical norms, however, there are 1,314 fewer listings than the year prior, a modest tightening that may be an early sign of stabilizing conditions. Sales improved to 1,553, marking a 9% increase both month over month and year over year.
The semi-detached market recorded another strong month of sales activity, with 563 properties going under contract. This marks the third consecutive month of gains exceeding 20%, including a 27% in April following a 31% in March. Property values increased by 2.5%, bringing the average sales price to $1,033,469. Inventory totalled 1,322, representing a 21% monthly increase, while declining 9% year over year.
Townhome prices continue to show stability, with the average sales price at $939,197, holding within a tight $35,000 range since May of last year. Inventory reached 1,920, a 24% monthly increase, though down 7% compared with the same time last year. Sales rose to 566, a 12% monthly gain, while remaining in line with year ago levels.
Overall, the GTA market is exhibiting clear signs of seasonal momentum, with sales activity strengthening across most segments alongside rising new listings. While inventory remains elevated relative to historical norms, the year over year declines in several segments suggest supply pressures may be gradually easing. If current trends persist, improving demand through the spring and early summer months could begin to absorb excess inventory and support further price stabilization.