April 2022: Toronto & GTA MLS® home sales: Inventory Relief

Greater Toronto, Ontario, May 4th, 2022 - Realtors® in Toronto and the GTA released the TRREB MLS® residential sales statistics for April, 2022 this morning with the monthly MarketWatch publication showing a year-over-year drop of 41.2% in sales activity versus the April, 2021 figures. Prices continued to show strength, albeit not at the same pace as in recent months. All stats herein are year-over-year [YoY] comparisons except where noted otherwise.

The Big Picture

Including all home groups and the entire Toronto Regional Real Estate Board market area, 8,008 home sales were reported this April at an average selling price of $1,254,436, up an even fifteen percent. That rise was relatively consistent across the various groups with the lowest increase seen in the Metro Toronto Condominium Apartment market at +12.8% and the highest seen in Townhomes sold in “The 905” Regions surrounding Toronto at +20%.

Specific Numbers by Home Type

Metro Toronto saw 868 Detached home sales, down 34%, averaging $1,947,975, up 14.9%. The balance of the Greater Toronto Area totalled 2,732 “Detacheds” sell - only about half of the year-ago total at -47.2% - at an average sale price of $1,526,791, a 16.8% rise.

On the Condo Apartment fronot, 1,488 units were reported sold, down 34.5%, averaging $820,835, up 12.8% as noted above. The Greater Toronto Area beyond the city proper had 685 sales, down 32.2%, at an average of $722,601, up 18%.

Inventory

Long a problem that’s been a key factor in price strength over the past couple of years, we did see some relief on the inventory front. While homes newly listed on the month fell 11.7% to 18,413 units, the number of Total Active Listings rose to 13,098 as of month-end, up 12.3%. That gives us “Forward Inventory” [Total Active Listings / Sales] of about seven weeks. Again, that’s a bit of a reprieve by more recent standards, but still tight by historical benchmarks. “Absorption Rate” - the rate at which the market “absorbs” newly listed homes in the form of sales [Sales / New Listings] - stood at .435.

Quotable

TRREB President Kevin Crigger:
“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs.”

TRREB Chief Market Analyst Jason Mercer:
“Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month. It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months.”

The average time it took to sell a home in Toronto and the GTA was 11 “Listing Days on Market” …up by one day - or “1.1% slower” than last April. “Property Days on Market” - the total number of days a property was listed with the same brokerage prior to selling - was 14, unchanged versus a year earlier.

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