June 2024
The residential real estate industry continues to make moves across the Greater Toronto Area.
With available listings of all home types up 67% compared to June last year prices have remained consistent at an average price of $1,162,167, down only 1.6%
The number of sales were down 16% compared with the same time last year.
Even with the Bank of Canada quarter of a point rate cut last month, June's sales results are suggesting that buyers will require more to encourage greater activity throughout the market.
Many buyers kept their home purchase decisions on hold keeping the market well-supplied.
TRREB's Chief Market Analyst Jason Mercer stated that the GTA housing market is currently well-supplied and recent home buyers have benefitted from substantial choice along with negotiating power on price.
As sales pick up throughout the balance of the year alongside lower borrowing costs, increased inventory levels will help mitigate against any run-up on selling prices.
Months of inventory levels have doubled since June of last year, homes are simply taking longer to sell, however we are not seeing the downward pressure on pricing one would expect.
This shows the resilience of the GTA housing market and the continued demand for real estate in southern Ontario.
As the Bank of Canada lowers its lending rate expect more buyers to enter the market and prices to remain strong.
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