Toronto-area housing prices creeping up again, says real estate board

Toronto's housing market continued to tighten last month as prices edged up four per cent from March and sales moved closer to the level they were at last April

Toronto's housing market continued to tighten last month as prices edged up four per cent from March and sales moved closer to the level they were at last April, the Toronto Regional Real Estate Board revealed Wednesday (May 3).

Sales for the month hit 7,531, down 5.2 per cent from a year ago but up about nine per cent from March.

Those sales outpaced new listings, which were down by over a third from a year before, fuelling more competition between buyers who were too hesitant to buy homes earlier this year.

Pushing these buyers to the sidelines were eight consecutive interest rate hikes, which took a bite out of their borrowing power, even as prices started to tumble.

Their hesitance and those lower prices weighed on sellers too as many held off listing their homes because they won't fetch the big sums or bidding wars their neighbours had in 2021 and early 2022.