May 04, 2022
By Jane Brown
Toronto’s hot housing market appears to be cooling off.
The latest report from the Toronto Regional Real Estate Board says home sales in April dropped by about 41-percent since April of last year and 27-percent since March of this year.
April sales amounted to just over 8000 across the GTA, down from 13,600 during the same month in 2021, and just shy of 11,000 this past March.
The reports’ authors attribute much of the decline to home buyers who are taking a break from the market as interest rates start to go up, reducing their buying power.
The cooling has also weighed on home prices, which averaged more than 1.2 million dollars last month, down from about 1.3 million the month before, but up from just over a $1-million a year ago.