Who Ordered 18,000 New Listings?

When spring isn't really springing

Spring usually marks a shift. From cold weather to warmer days and from a quiet winter market to a busier real estate season. But this year, while the weather’s warming up, the market is taking a more measured approach. Activity hasn’t spiked as it typically does, and homes are not flying off the shelves. But that’s not necessarily a bad thing. I think it was Churchill that said "Never let a crisis go to waste". This is certainly creating more room for thoughtful moves on both the buying and selling side.

Here’s what the numbers are showing us…

In other words:

📉 Total Sales:
5,601 homes sold in April—down 23.3% compared to April 2024 (7,302 sales).

📈 New Listings:
18,836 homes hit the market—up 8.1% year-over-year. That’s a lot of fresh inventory for buyers to choose from.

💰 Average Selling Price:
$1,107,463 across all home types—down 4.1% from last April ($1,155,219).

📊 Sales-to-New-Listings Ratio:
Just 30% of listings sold—down from 42% last year. Translation: more listings, fewer takers. Remember, this was 29% in March. Light at the end of the tunnel perhaps? 

🏡 Average Prices by Type:

• Detached: $1,431,495

• Semi-Detached: $1,088,848

• Townhouse: $912,629

• Condo: $678,048

It's not what you think it is

As alarming as some of these numbers may look at first glance, things start to feel different when you zoom in on specific regions. Take a look at this chart from Wowa.ca:

📉 Cities like Richmond Hill, Mississauga, and Brampton have seen some of the steepest year-over-year price declines.
📈 Meanwhile, Vaughan is up 3.7%, bucking the trend.

Interesting, right? Remember when everyone was rushing to buy in Richmond Hill, Mississauga, and Brampton during the pandemic? It kind of reminds me of those folks who are buying the Palantir stocks right now! I’ve always said: suburb vs. city homes is like growth vs. value stocks. Each has its moment, and each appeals to a different risk appetite.

Until next month...

Kam