Toronto buyers’ market isn’t what it seems

Toronto’s real estate market is experiencing a spring slowdown and appears firmly tilted in favour of buyers, after four consecutive months of increased sales listings. However, while the rise in inventory has helped stabilize prices, it hasn’t translated into more transactions, with sales down across the GTA.

According to the latest report from the Toronto Regional Real Estate Board (TRREB), new listings were up 47.2 per cent yearover-year, with 7,114 homes changing hands last month, a five per cent drop from April 2023. Meanwhile, TRREB’S home price benchmark remained relatively stable, decreasing by less than one per cent to $1,128,100 compared to last year.

The ostensible buyers’ market may be largely attributable to a glut in condominium stock. Royal Lepage sales representative, Thomas Delespierre, said buyers are still facing intense competition in certain segments of the market, most notably, detached single-family homes.

“For detached homes, we’re still seeing multiple offers and bidding wars because there is not that much inventory,” Delespierre said. “But for condos, there are a lot of new buildings coming to completion and a lot more inventory to choose from.”

TRREB president Jennifer Pearce pointed to a noticeable disparity in buyer and seller behaviour.

“Listings were up markedly in April in comparison to last year and last month,” Pearce said. “Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate.”