June 2024 Home Sales Update in GTA

by Ali Bolourchi

Market Insights

June 2024 home sales in the Greater Toronto Area (GTA) saw a decline compared to last year, despite a rate cut by the Bank of Canada. Many buyers are waiting for more significant rate cuts before making their move, resulting in a slight drop in average selling prices.

Key Highlights:

📉 Home sales: 6,213 (down 16.4% from June 2023)
🏠 New listings: 17,964 (up 12.3% year-over-year)
💲 Average selling price: $1,162,167 (down 1.6% from June 2023)
📊 MLS® HPI Composite benchmark: down 4.6% year-over-year

Market Trends: "Recent rate cuts have provided some relief, but more cuts are needed to significantly boost home sales," says TRREB President Jennifer Pearce. Despite high interest rates, long-term demand remains strong due to population growth.

Opportunities: With a well-supplied market, buyers have substantial negotiating power. Elevated inventory levels will help keep prices stable as sales pick up with lower borrowing costs.

Expert Guidance: Planning to buy or sell? Contact Ali Bolourchi and his team for expert advice on navigating the current real estate market.