07/13/2022
The June market report is out, swipe for a snapshot! 📊
Higher borrowing costs continued to impact home sales in June
2022. In the GTA overall, sales were down by just over 40% totalling 6,474 (with 2,422 taking place in Toronto). This is a decrease from May, which follows the seasonal trend of the summer market.
With an average sale price of $1,146,254, the GTA continues to trend lower on a monthly bases but still higher relative to June 2021 (5.3%). The average home price in Toronto currently sits at $1,152,175 which is closer to the early 2022 average. Annual price growth was driven more so by less expensive market segments, including townhouses and condominium apartments.
According to TRREB Chief Market Analyst Jason Mercer, "Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren't in a position where they need to sell their home. If would-be sellers decide to take a wait-and-see attitude over the next few months, it's possible that active listings could trend lower
as well. This could cause market conditions to tighten somewhat, providing some support for home prices"
