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Greater Toronto home sales down 16% in June



Home sales in Greater Toronto fell by 16% in June compared to the same time last year, according to the Toronto Regional Real Estate Board (TRREB). This drop comes despite the region's population growth and strong demand for housing. TRREB's report showed that a total of 7,481 homes were sold in June 2024, down from 8,890 in June 2023.


The decrease in sales is attributed to higher borrowing costs and economic uncertainty. TRREB President, Paul Baron, noted that many potential buyers are holding back due to rising interest rates and concerns about the economy. These factors have made it more challenging for people to afford homes, leading to a slowdown in the market.


Even though sales have dropped, home prices have remained relatively stable. The average selling price for all home types combined in June 2024 was $1,182,120, a slight increase from $1,168,930 in June 2023. TRREB’s Chief Market Analyst, Jason Mercer, said that limited inventory is keeping prices from falling, as there are still not enough homes to meet demand.


Looking ahead, TRREB expects the housing market to remain slow unless there are changes in interest rates or economic conditions. They are calling for policies to address housing supply and affordability issues to support both buyers and sellers in the Greater Toronto area.


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