The spring housing market is shifting, but not in the way many had hoped. According to the latest data from the Canadian Real Estate Association (CREA), national home sales saw a modest 0.7% bump in April, but new listings surged by 4.1%, pushing the market further into buyer-friendly territory.
For GTA residents, the landscape remains particularly challenging. The region’s condo-heavy market saw benchmark prices tumble 12.9% year-over-year. While some analysts suggest that Ontario is beginning to “bounce off the bottom” as sales activity gains momentum, high mortgage rates and global economic uncertainty continue to mute the anticipated spring rebound. With the sales-to-new-listings ratio at 45.6%, we are hovering at the edge of a balanced market, though many Ontario regions remain firmly in a buyer’s market. To see the full breakdown of how your local market compares to national trends, read the full report at the Financial Post.
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