Toronto Home Buyers In June Were Looking For Further Interest Rate Relief

Uncategorized

 

The June 2024 housing stats are out!

TRREB Chief Market Analyst Jason Mercer said: “The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price.”

Here is the Toronto Real Estate Board’s analysis for June 2024, with graphics courtesy of Market Watch:

 


 

TORONTO, ONTARIO, 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 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year.

 

Screenshot

 

The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up compared to May 2024.

“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.

 

Screenshot

 

“Despite a temporary dip in home sales due to high interest rates, we know that strong population growth is driving long-term demand for ownership and rental housing. Ontario has set the goal of 1.5 million more homes on the ground by 2031. This is only possible if all levels of government ensure actionable solutions with sustained effort, including continuing to remove red tape, avoiding financial barriers to home construction, and minimizing housing taxes and development charges,” said TRREB CEO John DiMichele.

 


 

If you’d like to see more in-depth figures – by housing type and/or geographical area – here’s the complete set of  June 2024 TRREB Stats.

At Urbaneer.com, we’re here to help – all without pressure or hassle. We simply love what we do! With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and a sharp skill set in evaluating properties for over two decades, we’re here to guide you through all the factors which play into Toronto’s real estate market.

 

~ Steven

Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000

– we’re here to earn your trust, then your business –

Celebrating Thirty-One Years As A Top-Producing Toronto Realtor

 

*Like what you’ve read? Did you know we were recently listed as one of  The Top 25 Toronto Real Estate Agents To Follow On Twitter,The Top 50 Blogs On Toronto, and the Top 100 Real Estate Blogs In Canada!!? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture, and design including our love for unique urban homes and other Toronto real estate!

*Love Canadian Housing? Check out Steve’s University Student Mentorship site called Canadian Real Estate Housing and Home which focuses on architecture, landscape, design, products, and real estate in Canada.

Previous Post
Urbaneer’s June 2024 E-Promo
Next Post
City Of Toronto To Permit Higher Density Housing With New ‘Major Streets Bylaw’