Latest news with #ElechiaBarrySproule
Yahoo
5 days ago
- Business
- Yahoo
Toronto home sales rise the most in four months on improved affordability
By Fergal Smith TORONTO (Reuters) -Greater Toronto Area home sales in May posted their biggest increase in four months, and prices edged higher as homebuyers took advantage of the recent improvement in affordability, Toronto Regional Real Estate Board data showed on Wednesday. Seasonally adjusted sales increased 8.4% on a month-over-month basis to 4,693 units, the second straight month of gains and the biggest increase since January. TRREB's home price index edged up 0.1% to C$992,800 ($723,615), which was the first increase since November. The Greater Toronto Area (GTA) includes Toronto, Canada's most populous city, and four surrounding regional municipalities. 'Looking at the GTA as a whole, homebuyers have certainly benefited from greater choice and improved affordability this year," TRREB President Elechia Barry-Sproule said in a statement. On a year-to-year basis, the price index was down 4.5%, while sales declined 13.3% and new listings were up 14%. Lower borrowing costs have also contributed to improved affordability. The Bank of Canada has lowered its benchmark interest rate by 2-1/4 percentage points since June 2024 to support the economy, which is expected to slow as the U.S. wages a trade war. "All else being equal, sales should be up relative to 2024," said Jason Mercer, TRREB's Chief Information Officer. "The issue is a lack of economic confidence." Canada sends about 75% of its exports to the U.S. ($1 = 1.3720 Canadian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
GTA Homebuyers Benefited From More Listings in May
TORONTO, June 04, 2025 (GLOBE NEWSWIRE) -- The Greater Toronto Area (GTA) housing market experienced an improvement in affordability in May 2025 relative to the same period a year earlier. With sales down and listings up, homebuyers took advantage of increased inventory and negotiating power. 'Looking at the GTA as a whole, homebuyers have certainly benefited from greater choice and improved affordability this year. However, each neighbourhood and market segment have their own nuances. Buyers considering a home purchase should connect with a REALTOR® who is knowledgeable about their preferred area and property type. In today's market, working with a REALTOR® who brings expertise, the right tools, and a strong network is essential,' said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. GTA REALTORS® reported 6,244 home sales through TRREB's MLS® System in May 2025 – down by 13.3 per cent compared to May 2024. New listings entered into the MLS® System amounted to 21,819 – up by 14 per cent year-over-year. On a seasonally adjusted basis, May home sales were up month-over-month compared to April 2025. This was the second monthly increase in a row. New listings were also up compared to April, but by a lesser monthly rate than sales, suggesting a slight tightening in market conditions. 'Homeownership costs are more affordable this year compared to last. Average selling prices are lower, and so too are borrowing costs. All else being equal, sales should be up relative to 2024. The issue is a lack of economic confidence. Once households are convinced that trade stability with the United States will be established and/or real options to mitigate our reliance on the United States exist, home sales will pick up. Further cuts in borrowing costs would also be welcome news to homebuyers,' said Jason Mercer, TRREB's Chief Information Officer. The MLS® Home Price Index Composite benchmark was down by 4.5 per cent year-over-year in May 2025. The average selling price, at $1,120,879, was down by four per cent compared to May 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite and average selling price both edged up compared to April 2025. 'With the federal government's housing commitments reiterated in the Throne Speech, we now need concrete actions that will restore housing affordability across the GTA and the rest of Canada. This includes lowering high housing taxes and fees, embracing innovative construction technologies, and streamlining processes to reignite the construction of homes. Home construction is associated with huge economic benefits that would help mitigate the negative impact of ongoing trade disputes. Additionally, with inflation remaining low, a rate cut would be a welcome move—particularly for first-time buyers and those renewing their mortgages,' said TRREB CEO John DiMichele. READ THE FULL REPORT Media Inquiries: For all media inquiries, please email media@ About TRREB: The Toronto Regional Real Estate Board is Canada's largest real estate board, with over 73,000 residential and commercial professionals connecting people, property, and communities. Tables accompanying this announcement are available at: in to access your portfolio
CBC
06-05-2025
- Business
- CBC
GTA home sales fell more than 20% in April, real estate board says
Social Sharing Home sales in the Greater Toronto Area were down 23.3 per cent in April amid continued uncertainty over the economy. The Toronto Regional Real Estate Board (TRREB) said 5,601 homes were sold last month, compared with 7,302 in April 2024, while sales were up 1.8 per cent from March on a seasonally adjusted basis. The board said 18,836 new properties were listed in the GTA last month, up 8.1 per cent compared with last year. With inventory continuing to rise and prices falling, the preconditions for a housing rebound are in place, the board said, but that likely won't happen until economic confidence is restored. "Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States," said TRREB president Elechia Barry-Sproule in a news release. "If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied," she said. Active listings up 54% compared to last April: board The average selling price decreased 4.1 per cent compared with a year earlier to $1,107,463, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent year-over-year. Active listings hit 27,386 last month, up 54 per cent from April 2024's inventory of 17,783 units. "Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA," said TRREB chief information officer Jason Mercer in a news release. "Right now, resale housing supply is increasing in the GTA. However, as demand picks up and the population continues to grow with immigration, we will need to build more homes." In the City of Toronto, there were 2,129 sales last month, a 17.7 per cent decrease from April 2024. Throughout the rest of the GTA, home sales fell 26.4 per cent to 3,472. All property types saw fewer sales in April compared with a year ago throughout the region. The steepest decline was in the condo market, where 30.4 per cent fewer properties sold, followed by townhouses with 22.9 per cent fewer sales and detached houses recording a 21.7 per cent decrease. There were 10 per cent fewer sales of semi-detached homes.
Globe and Mail
06-05-2025
- Business
- Globe and Mail
Toronto-area home sales fall in April as buyers wait out trade uncertainty, real estate board says
Home sales in the Greater Toronto Area were down 23.3 per cent in April amid continued uncertainty over the economy. The Toronto Regional Real Estate Board says 5,601 homes were sold last month, compared with 7,302 in April 2024, while sales were up 1.8 per cent from March on a seasonally adjusted basis. The board says 18,836 new properties were listed in the GTA last month, up 8.1 per cent compared with last year. TRREB president Elechia Barry-Sproule says if the trade relationship between Canada and the U.S. improves following last week's federal election, there could be an uptick in home sales driven by higher consumer confidence, combined with a market growing to be more affordable and better supplied. The average selling price decreased 5.4 per cent compared with a year earlier to $1,107,463, and the composite benchmark price, meant to represent the typical home, was down 4.1 per cent year-over-year. Active listings hit 27,386 last month, up 54 per cent from April 2024's inventory of 17,783 units.
