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TABLE-Toronto home prices fall in April as interest rate hikes douse sales

TORONTO, May 4 (Reuters) - Home prices across Toronto posted the second straight month-on-month decline in April, as rising interest rates continued to cool off the market that was red hot throughout much of the pandemic, data from the Toronto Regional Real Estate Board (TRREB) showed on Wednesday. The average Toronto home price fell 3.5% in April from March, as sales and listings declined from both a year earlier and the previous month. Prices are down 6% from February's peak, but remain 15% higher than a year ago. "There is evidence of buyers responding to increased choice in the marketplace, with... prices dipping month-over-month," TRREB Chief Market Analyst Jason Mercer said in a statement. "It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months." Condo prices remained the most resilient, falling 2.3% from the prior month, even though their sales declined the most of any housing type. Townhomes had the biggest average price decline. APRIL MARCH APRIL 2021 YR/YR PCT MTH/MTH PCT CHANGE CHANGE TOTAL SALES 8,008 10,955 13,613 -41.2% -26.7% AVERAGE PRICE C$1,254,436 C$1,299,894 C$1,090,414 15.0% - 3.5% NEW LISTINGS 18,413 20,038 20,841 -11.7% - 8.1% After preliminary seasonal adjustment APRIL MTH/MTH PCT CHANGE SALES 6,367 -26.2% AVERAGE PRICE C$1,202,819 - 6.4% Sales by type of property APRIL YR/YR PCT CHANGE MONTH/MONTH PCT CHANGE DETACHED 3,600 -44.5% -26.3% SEMI-DETACHED 802 -38.2% -18.4% TOWNHOUSE 1,368 -43.5% -25.7% CONDO APARTMENT 2,173 -33.8% -31.1% Average price by type of property APRIL YR/YR PCT CHANGE MONTH/MONTH PCT CHANGE DETACHED C$1,628,343 17.5% -4.1% SEMI-DETACHED C$1,259,243 17.8% -4.4% TOWNHOUSE C$1,019,350 18.8% -6.3% CONDO APARTMENT C$ 789,869 14.1% -2.3% (Reporting by Nichola Saminather; Editing by Sandra Maler)