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Meanwhile, 18,836 new properties were listed in the GTA last month, up 8.1 per cent compared with last year.

With inventory continuing to rise and prices falling, the preconditions for a housing rebound are in place, the board said, but that likely won't happen until economic confidence is restored.

“Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States," said TRREB president Elechia Barry-Sproule in a press release.

"If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied."

The average selling price decreased 4.1 per cent compared with a year earlier to $1,107,463, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent year-over-year.

Active listings hit 27,386 last month, up 54 per cent from April 2024's inventory of 17,783 units.

But economic uncertainty driven by the ongoing trade war with the United States doesn't appear poised to dissipate imminently. Scott Ingram, a sales representative with Century 21 Regal Realty in Toronto, said the GTA real estate market could remain on the softer side for a while yet.

"Are things going to bounce right back as soon as people start feeling a bit better? I don't know about that," said Ingram, predicting a "slow upswing" once sentiment does begin to improve.

"I don't think it's going to boomerang back or snap back in the other direction. The pendulum's going to swing more slowly when it does."

While it may seem like potential buyers are just "waiting things out" on the sidelines, Ingram said many have already "left the stadium or been pushed out" due to unaffordability.

Others might be intrigued by falling prices and counting on that slide to continue before they make their move.

"I've got clients that have been looking for three years now ... and they're still keeping their eyes on things, but they definitely do not have a sense of urgency right now, and nor should they," said Ingram.

"There's plenty more choice than there normally is in the market right now and I think people are a little reticent to buy."

The GTA's home sales decline last month was in line with other Canadian markets, as the Vancouver region recorded a 23.6 per cent year-over-year drop in the number of residential properties that changed hands in April. Calgary also saw a 22.3 per cent decrease.

In the City of Toronto, there were 2,129 sales last month, a 17.7 per cent decrease from April 2024. Throughout the rest of the GTA, home sales fell 26.4 per cent to 3,472.

All property types saw fewer sales in April compared with a year ago throughout the region.

The steepest decline was in the condo market, where 30.4 per cent fewer properties sold, followed by townhouses with 22.9 per cent fewer sales and detached houses recording a 21.7 per cent decrease. There were 10 per cent fewer sales of semi-detached homes.

This report by °µÍø½ûÇø was first published May 6, 2025.

Note to readers:This is a corrected story. A previous version incorrectly swapped the percentage decreases of the average selling price and composite benchmark price.