Skip to main content

GTA REALTORS® Release June 2023 Stats

June 2023 Stats

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) P
resident Paul Baron.

GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 per cent compared to June 2022. The number of listings was down by three per cent over the same period.

The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9 per cent on a year-over-year basis - the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.

“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.

“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,” stressed TRREB CEO John DiMichele. “In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,” continued DiMichele.

Comments

Post a Comment

Popular posts from this blog

Holiday Travel Tips for Your Home

The festive holidays are approaching, and calendars are already filling up. Whether you’re staying with family around the country or taking an extended leave to escape the winter, you may be planning to leave your home vacant for more than a day or two. To ward against coming home to the wrong kind of holiday surprise, here’s what to do before you depart. Cheap Wi-Fi cameras Security equipment might sound high-tech and expensive, but securing your home against potential intrusion doesn’t cost much. For around $30, you should be able to outfit your home with WIFI cameras which are home assistant compatible. Shut the main water off Remember to shut off the main water supply if you plan to be away from your home for more than a day. In the event of a plumbing failure, your home could fall prey to serious water damage. Install smart water sensors in your basement Installing a smart water sensor in your basement can easily save a lot of money and worry. Some models will alert you to leaks a...
Post a Comment
Read more

GTA REALTORS® Release November 2024 Stats

Greater Toronto Area (GTA) home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023, but by a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year. “As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce. GTA REALTORS® reported 5,875 home sales through TRREB’s MLS® System in November 2024 – up by 40.1 per cent compared to 4,194 sales reported in November 2023...
Post a Comment
Read more

TRREB MLS® SALES-TO-NEW LISTINGS RATIO NOVEMBER 2024

Post a Comment
Read more