Latest news with #MLS®HomePriceIndexComposite
Yahoo
06-05-2025
- Business
- Yahoo
TRREB: Preconditions for Housing Rebound in Place Once Economic Confidence is Restored
Toronto Regional Real Estate Board TORONTO, May 06, 2025 (GLOBE NEWSWIRE) -- April home sales followed the regular seasonal trend with an increase relative to March. However, total residential transactions in the Greater Toronto Area (GTA) were down compared to the same time last year, as potential buyers continue to wait for lower borrowing costs and for certainty about the trajectory of the economy. 'Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States. 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,' said TRREB President Elechia Barry-Sproule. GTA REALTORS® reported 5,601 home sales through TRREB's MLS® System in April 2025 – down by 23.3 per cent compared to April 2024. New listings in the MLS® System amounted to 18,836– up by 8.1 per cent year-over-year. On a seasonally adjusted basis, April home sales edged up month-over-month compared to March 2025. The MLS® Home Price Index Composite benchmark was down by 5.4 per cent year-over-year in April 2025. The average selling price, at $1,107,463, was down by 4.1 per cent compared to April 2024. On a month-over-month seasonally adjusted basis, the average selling price was down. 'Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA. Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments,' said TRREB Chief Information Officer Jason Mercer. '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. Pre-construction sales have trended lower over the past year and therefore we will continue to see fewer housing starts. This means the supply pipeline will ultimately run dry. TRREB will be continuing to work with all levels of government on initiatives that promote fair and equitable taxation, reduce barriers for first-time homebuyers, and expand housing supply options throughout the province,' said TRREB CEO John DiMichele. Please note: The PropTx MLS® System, of which TRREB is a part, has added a number of new client boards over the last year. Many of these boards' Members trade within the Greater Toronto Area and broader Greater Golden Horseshoe regions. As a result, historic data have been updated to reflect the addition of these boards' listings and transactions. This means historic data have changed relative to previously published static reports. To view updated historic data, click here. April 2025 April 2025 April 2025 Year-to-Date 2025 Year-to-Date 2025 April 2025 READ THE FULL REPORT
Yahoo
03-04-2025
- Business
- Yahoo
GTA March Market: More Affordable and More Choice
TORONTO, April 03, 2025 (GLOBE NEWSWIRE) -- Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home. 'Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,' said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. 'Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,' said TRREB's Chief Information Officer Jason Mercer. GTA REALTORS® reported 5,011 home sales through TRREB's MLS® System in March 2025 – down by 23.1 per cent compared to March 2024. New listings in the MLS® System amounted to 17,263 – up by 28.6 per cent year-over-year. On a seasonally adjusted basis, March sales were down month-over-month compared to February 2025. The MLS® Home Price Index Composite benchmark was down by 3.8 per cent year-over year in March 2025. The average selling price, at $1,093,254, was down by 2 per cent compared to the March 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite was down and the average selling price was flat. 'While the policy debate heading into the federal election has rightly been focused on our cross-border trade relationship, it has also been important to see that the federal parties continue to view housing as a key priority based on the various election platforms. This is in line with recent polling suggesting access to housing options that are affordable remains top-of-mind for all Canadians. Building this housing will be a key economic driver moving forward,' 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. Photos accompanying this announcement are available at
