The average price of a home in the GTA is slightly higher than this time last year, but fairly flat month-over-month, according to the latest numbers from the Toronto Regional Real Estate Board (TRREB).Home sales, meanwhile, are up 16.5 per cent from last June while listings dropped 3 per cent over the same time period.“We’ve definitely seen an improvement in the market, we were basically in a low this time last year as a result of increasing borrowing costs and their impact on the marketplace, said Jason Mercer, the real estate board’s chief market analyst.“We have seen a pretty strong uptake year-over-year in terms of sales.”This suggests, he said, that buyers who “moved to the sidelines” when interest rate hikes started in 2022, may have accepted the higher borrowing costs, saved more for a down payment or are looking at a different type of home.Released Thursday, the data shows that the average GTA home price was about $1.182 million in June compared to roughly $1.146 million last June and $1.196 million this past May.There were 7,481 home sales reported in the region over the month of June.The market is now “tighter” Mercer said, with sales up year-over-year and listings down, and it means there’s more competition for people are trying to purchase a home.“You can’t buy what’s not available for sale,” he said. “And I think that is starting to have an impact on sales, people just can’t find what they’re looking for.”Seasonally adjusted sales slipped month-over-month 6,353 to while the seasonally adjusted price was up to about $1.164 million compared to $1.146 million in May.The average price of a detached home in the city of Toronto was almost $1.8 million in June, up 2.6 per cent from last year, while the average price of a condo at $770,423 was down 0.2 per cent. In the 905, the average price of a detached home was up 6.6 per cent year-over-year to roughly $1.45 million, but the average condo price was down 2.7 per cent to $674,305.There’s been more uncertainty in the market over the last month, with concerns around inflation and the Bank of Canada’s decision to raise interest rates in early June.After historic lows during the pandemic, the bank hiked rates eight times before leaving them unchanged in spring 2023. The next rate announcement is on July 12. “I think everyone’s looking very closely at both what the bank does in terms of its policy rate next week, but also what their language is surrounding that, what their expectations are for later in the year,” Mercer said.May Warren is a Toronto-based housing reporter for the Star. Follow her on Twitter: @maywarren11
The average price of a home in the GTA is slightly higher than this time last year, but fairly flat month-over-month, according to the latest numbers from the Toronto Regional Real Estate Board (TRREB).
Home sales, meanwhile, are up 16.5 per cent from last June while listings dropped 3 per cent over the same time period.
“We’ve definitely seen an improvement in the market, we were basically in a low this time last year as a result of increasing borrowing costs and their impact on the marketplace, said Jason Mercer, the real estate board’s chief market analyst.
“We have seen a pretty strong uptake year-over-year in terms of sales.”
This suggests, he said, that buyers who “moved to the sidelines” when interest rate hikes started in 2022, may have accepted the higher borrowing costs, saved more for a down payment or are looking at a different type of home.
Released Thursday, the data shows that the average GTA home price was about $1.182 million in June compared to roughly $1.146 million last June and $1.196 million this past May.
There were 7,481 home sales reported in the region over the month of June.
The market is now “tighter” Mercer said, with sales up year-over-year and listings down, and it means there’s more competition for people are trying to purchase a home.
“You can’t buy what’s not available for sale,” he said.
“And I think that is starting to have an impact on sales, people just can’t find what they’re looking for.”
Seasonally adjusted sales slipped month-over-month 6,353 to while the seasonally adjusted price was up to about $1.164 million compared to $1.146 million in May.
The average price of a detached home in the city of Toronto was almost $1.8 million in June, up 2.6 per cent from last year, while the average price of a condo at $770,423 was down 0.2 per cent.
In the 905, the average price of a detached home was up 6.6 per cent year-over-year to roughly $1.45 million, but the average condo price was down 2.7 per cent to $674,305.
There’s been more uncertainty in the market over the last month, with concerns around inflation and the Bank of Canada’s decision to raise interest rates in early June.
After historic lows during the pandemic, the bank hiked rates eight times before leaving them unchanged in spring 2023.
The next rate announcement is on July 12.
“I think everyone’s looking very closely at both what the bank does in terms of its policy rate next week, but also what their language is surrounding that, what their expectations are for later in the year,” Mercer said.
May Warren is a Toronto-based housing reporter for the Star. Follow her on Twitter: @maywarren11
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