GTA Housing Market in April 2025: Fewer Sales, More Listings, Lower Prices

As of April 2025, the Greater Toronto Area housing market belonged to buyers. GTA sales came in at 5,601 for the month, 23.3% fewer than in April 2024. New listings in April 2025 rose about 8.1% above April 2024, and the average selling price that month slipped roughly 4.1% from a year earlier to just over $1.1 million. More supply, softer prices, real room to negotiate.

I am Moe Asgarian, a real-estate broker in Toronto ranked #47 worldwide at RE/MAX, and I read a month like April 2025 the way I read it with my own clients. Not as a headline. As a measure of how much room each side of the table actually has. In April 2025 that room sat with buyers in the GTA, in the city itself, and across Canada.

What April 2025 Looked Like Across the GTA

Sales in April 2025 were higher than in the month before, which happens almost every year. April is warmer and more buyers come out. The comparison that tells you something is year over year, and there the GTA recorded 5,601 MLS sales in April 2025, 23.3% fewer than in April 2024. Plenty of buyers were still sitting still, waiting for the policy rate to come down further and for the economy to look clearer.

Timing mattered too. Canada's federal election was held in late April 2025, and through that month households were waiting to see which government they would get. Once the vote was done, the next question for families in the GTA became the Canada and United States trade relationship. If that relationship improves, transaction counts follow, because consumer confidence is what moves a household from browsing to signing.

Why Buyers Had the Upper Hand in Spring 2025

New listings reached roughly 18,800 across the GTA in April 2025, about 8.1% above April 2024. Fewer sales and a bigger pile of inventory is a straightforward combination: the level of homes for sale in April 2025 was higher than usual, so buyers had many options, and a buyer with options bargains harder. The MLS Home Price Index benchmark in April 2025 was 5.4% below its April 2024 level, and the average selling price of just over $1.1 million was about 4.1% lower year over year. Prices also eased slightly from the month before.

Put the April 2025 price declines together with the lower interest rates of that spring and the monthly mortgage payment on the same house was easier to carry than a year earlier. That is the part buyers who were waiting kept underestimating.

City of Toronto Prices in April 2025

Inside the city limits prices gave up ground in April 2025. The average home price in Toronto that month was about $1,010,000, roughly 5.4% lower than April 2024, which is a drop of around $58,000. A typical home in the city in April 2025 came in near $985,000, about 4.5% or $46,000 lower than in April 2024. Sales volume fell to its lowest April level since 1997. Apart from 2020, when the pandemic shut the market down, you have to go back to the housing downturn of the 1990s to find numbers like the ones recorded in April 2025.

Supply went the other way. Close to 1,800 homes were newly listed in the city in April 2025, about 8% more than in April 2024, which pushed the ratio of sales to new listings down to roughly 30%. In plain terms, three new homes came to market for every one that sold. Active inventory stood at about 27,400 homes in April 2025, up 54% from a year earlier and the highest in 15 years. With a gap that wide, my expectation in the spring of 2025 was further price declines in the City of Toronto.

What the Canada-Wide Numbers Said in April 2025

The national picture matched the local one. About 44,300 residential properties traded across Canada in April 2025, against more than 49,000 in April 2024, roughly 10% fewer. Measured against the month before, sales in April 2025 were about 0.1% lower, which is effectively unchanged, and that is the odd part: the weather had improved across most of the country, so the normal pattern would be more sales than the month before, not fewer.

The national average sale price in April 2025 was near $679,000, about 3.9% cheaper than April 2024, and the national home price index was 1.2% lower than the month before. Tariff uncertainty and a soft economy were keeping buyers out of the market in April 2025, which is close to what the country lived through when rates were high in the second half of 2022 and most of 2023.

The Construction Problem Behind a Slow Market

The number that worried me most in the GTA in April 2025 was not a price. It was the low rate of new construction. Yes, the market was slow that spring. But markets come back, and population growth brings them back. When it turns, the thing that decides what happens to prices is how many finished homes are standing ready. Build little during the quiet years and the next busy year gets expensive fast.

What I Expected for the Rest of 2025

Late in 2024, before the change of administration in the United States, the market was trending up and some forecasts called for sales in 2025 to rise about 8%. That trend stopped. Capital is cautious about a country that sits next to the United States and is in a tariff fight with it, and in April 2025 that caution was visible in the sales counts. My read was that the pattern of the first four months of 2025 would hold and that 2025 as a whole would be a buyer's market.

One more thing worth saying plainly. Tariffs were the headline story for Canada in April 2025, but they were not the whole story. The economy had been weakening for a long time before that, and every rate cut along the way happened for that reason. In April 2025 the weakness was showing up in housing.

If you want this read applied to your own street and your own numbers rather than to an average, fill out the form at the bottom of this page or book a free consultation. Stay well and take care.