Greater Toronto home sales fell 5% YoY in April, but new listings surged 47.2%, keeping prices stable at $1,156,167.

Greater Toronto home sales fell in April for a third month, down 5% compared to last year, but new listings surged, increasing by 47.2% year-over-year. This created more choice for buyers and kept prices stable, with the average selling price at $1,156,167. The increase in new listings was attributed to many homeowners anticipating more demand in the spring, but sales are expected to pick up as buyers may be waiting for the Bank of Canada to reduce interest rates before purchasing a home.