In a historic federal election, Mark Carney has been elected Prime Minister of Canada, ushering in a new era of Liberal leadership shaped by his background as a central banker and global financial leader. His victory signals a pivot toward fiscally responsible, climate-conscious governance, with early signs pointing to a steady, pragmatic approach both domestically and abroad. Carney’s deep institutional experience, from the Bank of England to the Bank of Canada, suggests a more collaborative and economically aligned relationship with the United States. As both countries confront evolving interest rate policy, trade pressures, and climate commitments, Carney’s leadership could pave the way for a more coordinated and constructive cross-border dynamic. While the implications for real estate values are still uncertain, early sentiment leans optimistic.

Turning to the local housing landscape, the Greater Toronto Area saw continued momentum in April with 5,601 properties sold, marking the fourth consecutive month of rising sales. This represents an 11.7 per cent monthly increase, though activity remains well below historical levels, down 21.2 per cent from April 2024, and 38.5 per cent lower than the ten-year average for the month. Meanwhile, inventory has ballooned to 27,386 active listings, a 51 per cent year-over-year increase and a 91 per cent divergence from the decade-long norm for April.

As Phil Soper, President and CEO of Royal LePage, recently noted, “Canada’s housing market entered 2025 with mixed momentum. In Ontario and British Columbia, softer sales reflect consumer caution in the face of economic headwinds. In contrast, markets in Quebec, the Prairies and Atlantic Canada are demonstrating surprising resilience.”

The average sale price across all home types landed at $1,107,463. Detached home prices held steady for the second straight month at $1,431,495. This segment also saw the largest monthly gain in sales activity, with 2,556 transactions, an 18.6 per cent rise. Detached inventory remains high at 11,795 properties, although this level aligns more closely with historical patterns compared to some of the other categories.

The condo segment stands out for its surging supply and softening prices. The average condo sold for $678,048 in April, returning to price levels achieved during the summer of 2021. Inventory has surged 128.8 per cent above the ten-year April average. Despite this, sales edged up 1.8 per cent month-over-month, totaling 1,430, marking the fourth consecutive month of increased activity.

Townhomes posted a modest gain in values, rising $4,444 from March for an average of $1,005,487. Sales improved 13 per cent for a total of 571 transactions. Inventory surpassed 2,000 units for only the second time on record, reaching 2,061 active listings across the region.

Semi-detached homes experienced a 2 per cent decline in average price, ending the month at $1,088,848. However, sales improved to 565 transactions, up 16.5 per cent from March. Inventory remains high for this segment as well, with 1,458 active listings, 78 per cent above the April historical average.

“Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA. Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments,” said TRREB Chief Information Officer Jason Mercer.

April’s GTA data reflects a shifting market, one where buyer caution, expanding inventory, and moderated price growth are shaping a more balanced environment. With borrowing conditions continuing to improve and political uncertainty easing, the coming months will reveal whether confidence returns more broadly or if the wait-and-see approach persists into the summer.

INSIGHTS