TRREB's April report shows 5,946 home sales (+7% YoY), new listings down 9.3%, and months of inventory falling to 4.2 — the third straight month of tightening even as the average price stayed 4.9% below last year.

Last updated 2026-05-05. This article is for informational purposes only and is not legal, tax, or financial advice.

GTA April: the second straight month of YoY sales gains, with supply finally pulling back

The Toronto Regional Real Estate Board (TRREB) reported on May 5, 2026 that GTA REALTORS® closed 5,946 home sales in April — up 7.0% year-over-year — while new listings fell 9.3% YoY to 17,097 units. It marks the second consecutive month of YoY sales gains and the third consecutive month of meaningful declines in new listings, suggesting market conditions are genuinely tightening rather than just bouncing seasonally (TRREB, May 5, 2026).

The April headline numbers

Sales: 5,946 — up 7.0% YoY
New listings: 17,097 — down 9.3% YoY
Active listings: 25,110 — down 6.4% YoY
Months of inventory: 4.2 (vs. 4.3 in March, 5.0 in February)
Average selling price: $1,051,969 — down 4.9% YoY (but up MoM seasonally adjusted)
MLS HPI Composite benchmark: down 6.6% YoY (an improvement from -7.4% in March)
Average days on market: 29 (up 16% YoY)
Sale-to-list price ratio: 98%

What TRREB's leaders said

"We have experienced an uptick in home buying activity so far this spring. Buyers have taken advantage of more affordable housing market conditions on the back of lower home prices. If market conditions continue to tighten and home prices level off, this could be a signal to intending homebuyers who remain on the sidelines." — Daniel Steinfeld, TRREB President

"Lower home prices and borrowing costs over the past year have been a catalyst for some homebuyers this spring. However, we still have a substantial amount of pent-up demand in the marketplace. More certainty on the trade front and an easing in geopolitical tensions would result in further improvements in market activity." — Jason Mercer, TRREB Chief Information Officer

The signal: pricing power is shifting at the margin

Three data points together tell the real story. First, the rate of price decline is moderating: the HPI Composite was down 6.6% in April versus 7.4% in March. Second, months of inventory has fallen for three consecutive months (5.0 → 4.3 → 4.2), moving into balanced-market territory. Third, on a seasonally adjusted basis, sales rose faster than new listings month-over-month — meaning buyers are bidding into a thinner pool. None of this signals a return to a seller's market, but it does suggest the floor for GTA prices may be closer than headlines suggest.

What this means for buyers

The window for "ample choice + negotiating power" is narrowing in some neighbourhoods. If you're shopping in detached or semi-detached in established 416 neighbourhoods, you're already seeing competition return on well-priced properties. If you're shopping condos, you still have the leverage — but watch listing counts in your target buildings carefully because they can flip faster than the headlines.

What this means for sellers

Days on market are up 16% YoY at 29 days, and sale-to-list ratios are at 98% — meaning the market still rewards realistic pricing, not aspirational pricing. The classic mistake this spring is anchoring to peak 2022 comparables. Anchor instead to comparables that actually sold in the last 60 days.