3 May 2018

There were 7,792 properties sold in April, marking a 32.1% year-over-year decline.

The largest drop in both sales and prices was seen in the sector of detached houses with their average cost falling by 14.4% to $1.03 million. In addition to it, the sales fell by 38.4% annually.

TREB says the average price for all housing types this year to date was down from $886,923 in April 2017 to the current $779,400.

The largest annual prices decrease was reported in York Region, while the city of Toronto showed almost no changes.

According to Jason Mercer, TREB director of market analysis, as soon as the market moves beyond year-over-year comparisons to pre-Fair Housing Plan conditions, home sales will rebound for an active second half of the year. In his opinion, the sharp annual differences mask the fact that market conditions should support moderate prices growth as we head into the second half of the year, especially in case of condos and higher density low-rise homes.

Condominiums and townhouses have become the most popular option for the first-time homebuyers in Toronto as they are relatively affordable.

In the same time, expensive properties in the $2-million-plus range represented only 5.5% of all detached house sales last month. In April 2017 it was 10%.