Let's Talk House Episode 16: GTA Housing April Market Shocker: Buyers and Sellers Beware!

Toronto and the GTA  home sales are down 23% year-over-year! In this episode, Lei Villar-Cisneros breaks down what today’s Greater Toronto Area (GTA) real estate trends mean for buyers and sellers. Learn how to navigate high interest rates, market uncertainty, and find opportunities to win in 2025’s shifting housing market. Tune in now!

 📍 Serving Toronto, and the Greater Toronto Area, in Canada.

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Transcript

Speaker 00: 0:00

The Greater Toronto Area home sales have dropped over 23%. Inventory is climbing and prices are slipping. What does it mean for you if you're buying or selling a home in 2025? Stick around and I'll break it all down and share real strategies to help you navigate today's shifting market.

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Music

Speaker 00: 0:31

Welcome home. I'm your host, Lei Villar-Cisneros. Today, we're diving in into current real estate landscape in the Greater Toronto Area, backed by the latest data. And I'm giving you straightforward advice on how buyers and sellers can succeed, even in a challenging market. According to the latest TRREB MarketWatch report for April 2025, home sales in the GTA were down 23.3% year over year. Only 5,601 homes sold through TRREB's MLS system. New listings are actually up. by 8.1%, creating more inventory and choices for buyers. The average selling price now sits at $1,107,463, down 4.1% compared to April of 2024. The MLS Home Price Index Composite fell by 5.4% year over year. Toronto home sales have nosedived because buyers are waiting for lower borrowing costs and a more stable economic outlook. Many buyers are sideline hesitating until the interest rate decrease. But this wait and see approach could help create a rush later, driving prices back up when rates finally drop. We kind of experienced this type of situation. buying frenzy during the pandemic when our interest rate fell down like like almost zero percent and there were so much buyer demand and prices of the homes just kept on rising up for buyers in this market although the home price have gone down higher interest rates still make affordability a challenge also the fear of buying before prices bottom up are we really at the bottom bottom now or is this is the only start of the prices going down but the best time to buy a house is when you can afford it true that it might also go down like towards the end of the year but what if you lose your job or what are the what if there are some circumstances that will prevent you from buying a home or what if there are some government policies that will prevent you from owning a home so the best time to buy a home is when you can afford it and if that's this time then this is the best time for you to buy a house don't wait for the interest rates to go down more because rates are only for two three four five year terms and then after that it resets again to whatever was the current is the current market at that time but you couldn't really tell what tomorrow brings right so Even if, let's say, the house prices go down this year, there's a tendency that it will go up again, right? And when it happens, you already are in the market. And so if you're not going to sell your house in a few months after today, then chances are you will still get the value of your money. Historical data shows that home prices, although it goes up, down and up in the end if you hold on to your house it will go back up now it's also confusing for a lot of buyers because they can't really tell right what the right time to make a move is but as i was saying if this is the time that you can afford it go ahead and take the plunge Now, for sellers, I know, I know, there's so much things to consider when you are selling a home right now. Longer time on market as buyers hesitate to take the plunge. There are more competitions, which means there's higher inventory. Buyers have so many options. And because of that, it takes longer in the market and you have to be on top of... the market when you're selling at the moment so that means really clean and stage home might be an advantage for you and you have to make sure that the agent that is selling your house has the experience in marketing in this very difficult time so that your house will always come on top now you might be if you're currently selling you might have felt that the offers are low so if somebody is giving you a low ball offer don't despair right away don't shut off the other party in negotiation because As long as the negotiation is not over, you have the chance to come up winner in the end. And of course, you're not going to give away your house, but you might get the price that you need to move on to another home of your dreams and make it happier there. So just let the buyers, if they are putting an offer, consider all the offers that you're making. receiving think about it and with the help of a great negotiator you would come up a winner in this market even in this market now let's look at some real solutions for today's market now for buyers let's take advantage of the more choices now instead of competing later when the market hits up so now that there's a lot of houses sellers are more appreciative of your visit they are willing to negotiate you can put conditions and sellers are willing to take that and you can negotiate the price so this is a perfect time for you because if you go on a high market aside from it's hard to to get Approval for your mortgage, prices might be higher. By the time you put an offer, somebody might be able to get it if they have more room to pay for the price. And also, number two, negotiate smart. Now that there's more inventory, you have the leverage to ask for price reductions, incentives, even repairs. next focus on monthly affordability not just the rate today's slightly lower home prices might offset higher interest rates now if you have been pre-approved for a lower rate right now and we don't know what tomorrow brings maybe it will go up so if you get a lower rate right now lock it in with flexible mortgage products you can refinance later when and if the rates fall lower now for sellers price it competitively from day one so upper pricing will only backfire in today's savvy market. So make sure that you deal with an agent who knows how to price your home strategically. Just lowering the price without any reason for it or putting it over priced will not get you a deal. It has to be within the market range and the buyers will tell you what that market is. So, look at the comparables, active comparables not just the ones that are a year ago, so those ones are not your comparable right now even if their home sells within your street last year, that is not your comparable. The comparable is what the market is telling you right now. number two you have to stage your home beautifully. Make sure that you deal with agent who knows what he's doing not just putting some decorations and putting your furniture wherever, make sure that it is staged beautifully. Not just beautiful, but when you stage the home, it's not just to decorate it. It's more to give the buyer the idea of how your house will look. So staging a home is not about decorating it and making it look pretty. Yeah, we wanted to make it look pretty, but staging is to give you an advantage so that the buyer will see the best feature of your house and that will make them love your house more and hopefully put a good offer. So with so many options, buyers are drawn to the best presented homes. Number three, be flexible on closing dates and terms to attract more offers. And also, with regards to your showing, if you are just showing your house when you're away or when you're not in the house or when you feel like it, then chances are they will pass on your house as well. We are saying earlier, there's so many inventory. So if your house is not ready to show because you didn't clean the night or you have all your dishes in, then chances are you will miss your luck. So as soon as you put your house in the market, you have to be ready to show. And work with a knowledgeable agent who understands how to market and negotiate strategically in this type of market. Hint, hint, that's me. Anyway, if you forgot everything that I have said, I want you to remember this. This is not the time to panic. It's the time to strategize. Whether you're buying your first home, upgrading or selling your investment, the opportunities are still there. If you move smartly and act on solid advice. If you're thinking of making a move and want to talk about your options, I'd like to help you build the right game plan based on today's market. Visit me on YouTube, Instagram, and Facebook @LeiVillarRealEstate or book a free consultation today. Your dream move is still possible. You just need the right guidance. You have been listening to Let's Talk House Podcast, your go-to source for all things real estate, mortgage, and beyond in the Greater Toronto Area in Canada. Be sure to press the follow button so you won't miss an episode. Also, follow me on YouTube, Instagram, and Facebook at @LeiVillar Real Estate. As always, thanks for listening, and we'll see you next time.