The Toronto Regional Real Estate Board clarified that home sales in the Greater Toronto Area during April declined by five percent compared to last year, but new listings increased, creating more options for buyers and keeping prices stable.

The board stated that 7,114 homes were sold during the month compared to 7,487 homes last year, noting that April 2023 saw a temporary resurgence in market activity leading to increased sales.

The average selling price rose by 0.3 percent year-over-year to reach $1,156,167.

New listings jumped by 47.2 percent during the same period, with 16,941 properties hitting the market last month compared to 11,509 in April 2023.

Jennifer Pierce, Chair of TRREB, attributed the increase in new listings to many homeowners anticipating more demand this spring.

But while sales were expected to rise, Pierce said, "it is likely that many potential home buyers will wait for the Bank of Canada to actually start lowering interest rates before purchasing a home."