Our final source for what’s been happening this month in the Toronto real estate market is the number of new listings that came on the market, which dropped 6%, to 6,163 new listings.
What’s it mean?
The approximately 6,200 new listings we saw in April is 379 fewer new properties than we saw last month, but still a considerable addition to inventory in Toronto. So far in 2022, we have had 20,700 new listings hit the market. In the same first four months of 2021, we had 22,900 new listings. That is about 10% fewer new listings this year, but we need to consider that data along with the number of sales. So far this year we’ve had 12,462 sales, which means about 60% of sales were new listings. In the first four months of 2021, we had 16,178 sales, which means about 70% of the sales were new listings. That is a significant difference and after years of low supply and high demand, we’re seeing a more balanced market.
Tale of two markets – what’s going on with condos?
When we look at just condo apartment new listings, we see a very similar story, with about a 6% drop in the number of new listings. We had 3,203 new condo units hit the market in April 2022, which is about 190 less than last month. A year ago, in April 2021, we had 3,519 condo units come on the market, so these numbers are a bit lower. When we do the same comparison as to what happened in first four months of this year versus last year, it’s again similar to the market as a whole. We had about 62% of our sales so far this year come from new listings, whereas last year it was 76% of the sales. The condo market is more balanced than the market as a whole.