Courtesy of Amir Baxaria

Toronto June Market Report

$1,758,649 detached DOWN 1.5% year-to-year

$763,148 condo/apartment DOWN 0.9% year-to-year

$892,432 condo/townhouse DOWN 0.05% year-to-year

6,820 NEW LISTINGS 2,236 SOLD LISTINGS

AVERAGE SALE PRICES

detached 1,871

425 condo/town.

3.4 MONTHS OF INVENTORY

38.2% SALES TO NEW LISTING RATIO

20 DAYS ON MARKET

9,623 ACTIVE LISTINGS (residential inventory)

GTA REALTORS ® , July 4, 2024 – June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023. “The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

GTA REALTORS ® reported 6,213 home sales through TRREB’s MLS ® System in June 2024. New listings entered into the MLS ® System amounted to 17,964. The average selling price of $1,162,167 was down by 1.6 per cent over June 2023. “The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB Chief Market Analyst Jason Mercer. Statistics reflect market activity in June 2024 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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