Spring is doing what spring tends to do in real estate — bringing more buyers back to the table. But this year’s spring market in Toronto and Oakville has a twist worth paying attention to, whether you’re thinking about buying, selling, or just trying to make sense of where things stand.
Here’s what April actually showed us.
The Headline: More Sales, Lower Prices, Fewer Listings
Across the GTA in April, home sales climbed 7% compared to the same month last year — 5,946 homes changed hands through TRREB’s MLS system. At the same time, new listings dropped 9.3%, and the average selling price slipped 4.9% year-over-year to $1,051,969.
That combination tells a story. Buyers who’d been sitting on the sidelines are starting to act, but sellers haven’t flooded the market in response. The result is a market that’s quietly tightening, even as prices continue to give buyers a bit more room to negotiate.
TRREB President Daniel Steinfeld noted that more affordable conditions and lower prices have started pulling buyers off the fence — and if conditions keep tightening from here, those still waiting on the sidelines may find their “perfect moment” has already passed.
Toronto: Where the Action Is
Inside the City of Toronto specifically, 2,312 homes sold in April at an average of $1,091,761. That’s a healthy pace for spring, with homes spending an average of just 29 days on market and selling at 99% of list price overall.
Looking at the breakdown:
- Detached homes averaged $1,668,973 across 770 sales
- Semi-detached averaged $1,286,166 across 237 sales
- Condo apartments — the city’s bellwether segment — averaged $665,507 across 1,054 sales
The condo segment is especially interesting right now. With over a thousand units changing hands and prices well below detached benchmarks, this is where first-time buyers and investors are finding the most accessible entry points. Toronto condos sold at an average of 96% of asking, which suggests buyers still hold meaningful negotiating leverage in this segment.
Oakville: Premium Pricing, Steady Demand
Oakville continues to stand apart from the rest of the GTA. With 254 sales in April at an average price of $1,626,843, it remains the most expensive municipality in Halton Region — and one of the priciest in the entire TRREB area.
The detached segment dominates the conversation here: 162 sales averaging $2,058,983. Townhomes saw 33 sales at an average of $1,076,391, and the smaller condo apartment market posted 16 sales averaging $529,041.
What’s most telling about Oakville is the balance. 756 new listings came onto the market against 254 sales, with average days on market sitting at 31. That gives serious buyers real choice without the frantic pace we saw a few years ago. Homes sold at about 95% of asking — meaning there’s genuine room to negotiate, especially on properties that have been sitting longer.
What’s Behind All This?
A few forces are shaping the market right now:
Borrowing costs have come down. The Bank of Canada’s overnight rate sits at 2.3%, and posted mortgage rates currently land between 5.49% (one-year) and 6.09% (five-year). That’s a far cry from the 2% world of a few years ago — but it’s a meaningful improvement from where we were 18 months ago, and it’s putting monthly payments back within reach for more buyers.
Inventory is rebalancing. Active listings across the GTA fell 6.4% year-over-year. After a long stretch of buyers having all the choice in the world, that supply cushion is slowly thinning.
Pent-up demand is real. TRREB’s chief information officer Jason Mercer pointed out that a substantial amount of demand is still waiting in the wings. More certainty on the trade front and easing geopolitical tensions could bring even more of that to the surface in the months ahead.
What This Means If You’re Thinking About a Move
If you’re a buyer: You still have leverage — but probably not for much longer if these trends continue. Prices are softer than they were a year ago, you have negotiating room, and you’re not competing in the chaotic bidding wars of the recent past. Acting before more inventory tightens may be the smartest play.
If you’re a seller: The narrative that “you missed your window” doesn’t hold up to the data. Sales are up, buyers are showing up at open houses again, and well-positioned homes are still moving in under a month. Price your home realistically for today’s market — not where comparables landed in 2022 — and you can absolutely get a strong deal done this spring.
If you’re watching from the sidelines: Keep an eye on listing volume and the sales-to-new-listings ratio over the next 60 days. Both are pointing toward a market that’s gradually finding its footing.
April’s numbers don’t scream “the market is back!” — and that’s actually the good news. What we’re seeing is something healthier: a steady, sustainable rebalancing where buyers have choice, sellers can transact, and prices are finding a reasonable level.
For Toronto and Oakville specifically, the spring market looks more inviting than it has in a long while. Whether that momentum holds depends on the months ahead — but if you’ve been waiting for clearer signals, April just delivered some.
Thinking about buying or selling in Toronto or Oakville? Let’s talk about what these numbers mean for your specific situation, your neighbourhood, and your timeline.