June 2024 Real Estate Market Review

In June 2024, home sales in the Greater Toronto Area (GTA) experienced a decline compared to the same period in the previous year, according to the Toronto Regional Real Estate Board (TRREB). Here are the key points from the report:

  1. Sales and Listings: There were 6,213 home sales reported through TRREB’s MLS® System in June 2024, marking a 16.4% decrease from June 2023, when 7,429 sales were recorded. Meanwhile, new listings increased by 12.3% year-over-year, totaling 17,964.
  2. Average Selling Price: The average selling price for homes in June 2024 was $1,162,167, which was down by 1.6% from June 2023’s average of $1,181,002.
  3. Market Conditions: The GTA housing market was characterized as well-supplied in June 2024, providing recent home buyers with more options and negotiation power. Despite the decline in sales and average prices, both the MLS® Home Price Index Composite and the average selling price showed slight increases compared to May 2024 on a seasonally adjusted basis.
  4. Impact of Interest Rates: Despite a recent rate cut by the Bank of Canada aimed at stimulating economic activity, including the housing market, many prospective buyers remained cautious, suggesting that further rate cuts might be necessary to significantly boost home sales.
  5. Long-Term Outlook: There is optimism about long-term demand for housing in the GTA due to strong population growth. However, challenges such as high interest rates and regulatory barriers were highlighted as factors affecting current market dynamics.
  6. Government Initiatives: TRREB emphasized the importance of government action in addressing housing supply issues, including reducing red tape, minimizing financial barriers to construction, and lowering housing taxes and development charges.

Overall, while the GTA housing market showed resilience with increased inventory and stable prices in June 2024, the impact of economic factors like interest rates and government policies continues to influence buyer behavior and market conditions.        

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