Toronto Home Sales Fall 41% In April As Interest Rates Rise

oronto home prices plunged 41% in April as the impact of higher interest rates begins to
impact Canada’s largest housing market.

The Toronto Regional Real Estate Board (TREB) said that 8,008 properties were sold in the
Greater Toronto Area (GTA) during April, which was 41.2% lower than the 13,613 transactions
that occurred in the same month a year earlier.

Activity was also sharply lower on a monthly basis, with sales in April down 27% from March of
this year. All property types experienced double-digit sales declines ranging from 32% to 47%,
according to TREB.

While higher borrowing costs sidelined some potential buyers, it appears that would-be sellers
were also discouraged. New listings were down 11.7% in April compared to a year ago.

The lower sales activity led to a 3.5% month-over-month decline in the average selling price of a
Toronto property to $1.25 million.