GTA Sees Slowest Non-Pandemic April For Home Sales In Nearly 30 Years

The Greater Toronto Area (GTA) recorded just 5,601 home sales in April 2025, marking the slowest April (outside pandemic years) since 1996. That’s down 23.3 per cent from April 2024, though it’s a slight gain over March’s 5,011 sales figure.

Once the usual seasonal trend is removed, April’s sales rose modestly by 1.8 per cent to 4,267 homes sold. Still, many buyers are choosing to wait—hoping for lower mortgage rates and more stability in the economy, according to the Toronto Regional Real Estate Board.

Looking at types of homes, detached houses led sales with 2,556 transactions—down 21.7 per cent from last year. Condo apartment sales dropped even more, by 30.4 per cent, followed by townhouses (–22.9 per cent) and semi-detached homes (–10 per cent).

New listings continued to add pressure on the market. April saw 18,836 new property listings—an increase of 8.1 per cent year-over-year. The sales-to-new-listings ratio fell to 30 percent, down from 42 percent in March—moving the GTA further into “buyers’ market” territory.

With more homes to choose from, the average selling price fell to \$1,107,463—a drop of 4.1 per cent from last year. Even after seasonal tweaks, the price slipped only 0.7 per cent from March. The broader MLS Home Price Index, which tracks trends, was down 5.4 per cent across all property types and regions.

TRREB noted that buyers had extra bargaining power last month. With both prices and borrowing costs easing, monthly payments became more affordable, said Jason Mercer, TRREB’s Chief Information Officer. On the policy side, the Bank of Canada has cut rates by 225 basis points over the past eleven months, and more cuts are expected ahead of the next rate decision scheduled for June 4. Still, ongoing uncertainty around Canada-U.S. trade may be holding many potential buyers back.