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A 20-year low in the number of homes being listed for sale is causing Toronto area house prices to rise again, despite today’s high interest rates.
Year-over-year, the average price for a house in the Toronto area was $1,416,731 in April, down 7% over the same month last year. The median house price last month was $1,260,000, down 7% over last year.
However, to better understand what’s actually being felt on-the-ground in the market right now, given the imbalance between listings from sellers and demand from buyers, it’s worth noting that the average sale price month-to-month has been trending up for the last three months and has reached its highest level since May 2022.
House sales in April were down 9% over last year while new house listings were down 42%. The number of houses available for sale at the end of the month, or active listings, was down 35% over last year.
This imbalance between supply and demand is reflected in the Months of Inventory (MOI), which is a measure of inventory relative to the number of sales each month (for a more detailed explanation of this measure, see Monthly Statistics section in my full report). In April, MOI for houses remained at 1.2 MOI, indicating tight supply conditions.
The average price for a condominium (condo) in the Toronto Area was $757,172 in April, down 8% over last year. The median price for a condo in April was $685,000, down 9% over last year.
Condo sales in April were down 3% over last year while new condo listings were down 31% over last year. The number of active condo listings was down 2% over last year. The MOI remained flat at 1.7 MOI in April, indicating that supply is slightly less constrained for condos than for houses, which makes sense given there is slightly less of an imbalance in listings and demand for condos.
John Pasalis is President of Realosophy Realty. A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).