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<\/a><\/p>\nBy Fergal Smith<\/p>\n
TORONTO (Reuters) – Greater Toronto Area (GTA) home prices increased in April from March as new listings posted a steep annual decline, adding to evidence that the housing market has turned a corner after being buffeted by sharply higher borrowing costs.<\/p>\n
The average price of a GTA home rose to C$1.153 million ($846,425) in April, up 4% from March, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday. It was the third straight month of gains.<\/p>\n
On a year-over-year basis, the average price remained lower, but the pace of decline slowed to 7.8% from 14.6% in March. The average price was 13.6% below the February 2022 peak.<\/p>\n
“Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year,” TRREB President Paul Baron said in a statement.<\/p>\n
The Bank of Canada has paused its interest rate hiking campaign since January after lifting its benchmark rate to a 15-year high of 4.50%.<\/p>\n
Sales also rose in April from March, while they were down 5.2% from April last year. New listings dropped at a steeper annual rate than sales, down 38.3%, increasing competition between buyers.<\/p>\n
“The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply,” Baron said.<\/p>\n
($1 = 1.3622 Canadian dollars)<\/p>\n
\n(Reporting by Fergal Smith; Editing by David Gregorio)<\/p>\n
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