Toronto housing stayed sluggish in Early-Spring, with sales still far below 10-yr norms despite slight yearly gains and a market far quieter than 2021-2022.
Since the Mid-Q1 2022 peak, GTA avg. home prices ↓24%, while larger condos and some freeholds became more attainable for first-time buyers.
Entry-level demand centered on bigger condos: ~650-sq-ft one-bed-plus-den units appeared at $500K or less, a price-size mix experts said was unavailable two years earlier.
Early-Spring sales edged up yearly: condos ↑~2%, detached homes ↑~5%. Experts also saw more mortgage pre-approval appointments from first-time buyers in recent mo.
Government incentives helped affordability: 30-yr amortization for first-time buyers and <20% down allowed on homes priced at $1.5M or less.
Some Toronto freeholds under $1M drew young couples, but central and west-end areas stayed expensive, and sought-after listings still sparked bidding wars.
Even with renewed first-time buyer interest, Toronto remained mo