Toronto's housing market sees increase in sales and prices

According to the Toronto Regional Real Estate Board (TRREB), sales and prices continue to increase in Canada's largest city.  However, new listings are still down by 38.3% YoY.  Home sales increased by over a quarter (27%) in April from March, recording the biggest monthly increase in the past 20 years, excluding the surge during the pandemic.  Fewer listings than sales indicate competition among buyers, leading to an increase in selling price.  The benchmark price in April was $1.1M, decreasing 7.8% YoY but increasing 2.4% from last month.  TRREB President Paul Barron said buyers have come to terms with the high borrowing cost and are taking advantage of the lower selling prices.