Toronto home sales plunge 23% from a year ago, prices down 4%

Home resale activity in Toronto took a sharp downturn in April, with sales plunging 23 % compared to the same month a year earlier. The slowdown follows a rise in listings, giving buyers more choices but also signaling weaker demand in the market.

The average sale price across all housing types in the Greater Toronto Area dipped 4.1 % year over year, landing at about CA\$1,107,463. Though still above the million-dollar mark, this marks a noticeable step back from the highs of recent years.

Analysts suggest the combination of rising interest rates, economic uncertainty, and more homes available has cooled buyer activity. After years of fast‑moving listings and intense bidding, homes are now staying on the market longer, giving buyers more room to consider their choices.

Sellers accustomed to quick offers are adjusting their expectations and pricing more competitively. As one real estate expert noted, while some homes still sell fast, many are now undergoing price cuts or sitting unsold for longer stretches, reflecting a shift in market power.

The dip in both sales volume and prices is raising hopes among some potential buyers that they’ll finally find space to negotiate. But others warn that while the cooling is meaningful, it’s not a full-scale crash—it’s more of a market rebalancing after years of overvaluation.

Still, the 23 % drop in sales and 4 % price decline are significant. They reflect a growing caution among buyers and a chance for more affordable access. Whether this marks a temporary slowdown or a deeper correction remains to be seen—but for now, Toronto’s red‑hot market is clearly taking a breather.