Glut of homes flood the Toronto market but the problem is nobody is buying them

The level of buyer interest in Toronto real estate is simply not meeting the vast supply of homes coming onto the market, as the city remains in somewhat of a, the volume of new listings for all housing types surged substantially last month compared to the same time last year, as sales volumes remained low., states that there were five per cent fewer homes sold in the GTA last month than in April 2023 , while new listings were up a tremedous 47.2 per cent over the same period.

Though the board notes that last April marked a"temporary resurgence in market activity," these figures are still quite drastic, and are largely due to anticipated declines in mortgage rates . They add that even with such"ample choice" in homes available and so many people looking to sell, prices in our overpriced city haven't really budged.The MLS Home Price Index Composite benchmark price fell less than one per cent year-over-year , while the average actual selling price edged up 0.3 per cent, hitting $1,156,167.

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