TABLE-Toronto April home sales, listings drop from March as demand cools

TORONTO, May 5 - Home sales across Toronto slowed in April from the prior month, bucking the regular spring trend, as demand began to ease after months of blistering growth, with prices also edging slightly lower on the month, data from the Toronto Regional Real Estate Board (TRREB) showed on Wednesday. Sales fell nearly 13% from March, while listings dropped 8.2%. The average sales price declined by 0.6%, driven by small pullbacks in detached houses and townhomes. "We’ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth," said TRREB President Lisa Patel. "We may be starting to exhaust the pool of potential buyers within the existing GTA population." However, they were up strongly from a year ago, when the market dried up in the wake of lockdown measures implemented at the start of the coronavirus pandemic. APRIL MARCH APRIL 2020 MTH/MTH YR/YR PCT PCT CHANGE CHANGE TOTAL SALES 13,663 15,652 2,957 -12.7% 362% AVERAGE PRICE C$1,090,992 C$1,097,565 C$820,226 - 0.6% 33% NEW LISTINGS 20,825 22,709 6,180 - 8.3% 237% After preliminary seasonal adjustment APRIL MTH/MTH PCT CHANGE SALES 10,759 -19.7% AVERAGE PRICE C$1,049,874 - 3.6% Sales by type of property APRIL MTH/MTH PCT CHANGE YR/YR PCT CHANGE DETACHED 6,516 -14% 365% SEMI-DETACHED 1,304 -11.8% 306% TOWNHOUSE 2,433 - 7.5% 359% CONDO APARTMENT 3,290 -14% 395% Average price by type of property APRIL MTH/MTH PCT CHANGE YR/YR PCT CHANGE DETACHED C$1,387,629 -1.1% 41.3% SEMI-DETACHED C$1,068,923 2.2% 23.6% TOWNHOUSE C$857,574 -1.5% 25.9% CONDO APARTMENT C$691,791 2.3% 19.6% (Reporting by Nichola Saminather in Toronto newsroom Editing by Matthew Lewis)