Here is your June 2024 Real Estate Market Report for the GTA
The Toronto Regional Real Estate Board (TRREB) has released its housing figures for May. There were 7,013 home sales reported through TREB's MLS, transactions decreased by 21.7% from a year earlier. This is the third consecutive month of cooling activity as buyers continue to sit on the sidelines in anticipation of future interest rate reductions.
New inventory continues to rise, providing greater selection to buyers, while creating a more balanced market for sellers and buyers. The 18,612 new listings are a 21.1% increase over last May, with active listings rising 83.3% year-over-year to 21,760. Inventory now sits at 3.10-months.
The surge in new listing has pushed prices down from a year ago. The average selling price of $1,165,691 represents a 2.5% decrease from 2023. The MLS Home Price Index (HPI) Composite Benchmark, which serves as a measure of inflation in the market, was down 3.5% year-over-year (-2.81% in Toronto).
The average sale in May took 19 days on the market at 102% of the listing price, with 68.38% of all transactions sitting between $600,000 and $1,500,000. Sales of homes over $2,000,000 accounted for 8.46% of the sales mix, up from 7.93% in April, and representing its highest share of total monthly sales since May 2022.
Looking at prices by housing type: Detached homes sold for an average of $1,506,675, representing a 3.2% decrease from last May, and a month-over-month decrease of 0.62%. The average price for semi-detached homes was $1,173,819 (-2.0%/+3.0%), townhomes sold on average for $947,158 (-5.6%/-0.3%), and the average price of condos was $730,815 (-2.4%/+0.04%).
Many buyers are still waiting for consistent signs of decreasing mortgage rates, while sellers begin listing their properties in anticipation of higher demand. As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers.
If you are planning to buy or sell real estate, please reach out, I am here to help you stay informed and up to date.
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📧 info@michaelkellyhomes.com
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