Toronto-area home sales fall in April as buyers wait out trade uncertainty, real estate board says

In April, home sales in the Greater Toronto Area dropped sharply as many buyers took a cautious stance amid continued trade uncertainty with the United States. The Toronto Regional Real Estate Board reported just 5,601 homes sold in April, down 23.3 per cent from 7,302 sales in April 2024. Despite the year‑over‑year drop, sales did edge up 1.8 per cent from March when adjusted for seasonal patterns, marking a mild rebound after earlier declines.

The number of new listings in the GTA rose 8.1 per cent compared with a year ago, reaching 18,836 in April, while active listings surged to 27,386 units—an increase of 54 per cent over April 2024 levels. The growing supply of homes appears to be cooling competition and giving buyers more time to decide.

Prices also softened. The average selling price dropped 5.4 per cent from a year earlier, settling at about $1,107,463, while the composite benchmark price—a measure meant to reflect a typical property—also fell by 4.1 per cent over the same period. Another estimate reported an average price of roughly $1,065,687—a 0.7 per cent decline from March, and the fifth monthly drop in six months.

TRREB president Elechia Barry‑Sproule pointed to trade tensions with the U.S. as a major factor behind the slowdown. Many potential buyers are waiting to see if the newly elected federal government can ease trade friction, which could restore consumer confidence and spur housing demand. She suggested that improved relations might lift sales, especially given that prices and supply conditions have become more favorable.

Market analysts also linked the underlying weakness to economic worries tied to U.S. tariffs on Canadian exports like steel, aluminum, and autos. These trade barriers have added an extra layer of caution for households considering major purchases like homes. The spike in listings—from sellers who might be leaving the market—and lower prices have made affordability slightly better, but buyers remain hesitant.

In short, April’s real estate data reflects a market in pause. Sales fell sharply year‑on‑year, prices continued gradual decline, and available inventory climbed. Buyers appear to be watching trade developments closely, especially potential shifts in Canada–U.S. relations, before making moves. If clarity and confidence return, conditions may be in place for a modest recovery in the months ahead.