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Toronto, Ontario - July 6, 2023: Home sales and the average selling price in the Greater Toronto Area (GTA) during June 2023 maintained levels higher than the previous year. Although seasonally adjusted sales experienced a slight decline compared to the previous month, both the seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark saw an increase.
According to Paul Baron, President of the Toronto Regional Real Estate Board (TRREB), the demand for owning a home remains strong despite higher borrowing costs. However, home sales were affected by uncertainty surrounding the Bank of Canada's stance on inflation and interest rates, as well as a persistent lack of inventory. Baron emphasized that the limited availability of suitable homes hindered potential buyers, stating that you can't purchase what isn't available.
GTA REALTORS® reported 7,481 sales in June 2023, a 16.5% increase compared to June 2022. However, the number of listings decreased by three percent during the same period.
The year-over-year sales increase, coupled with the decline in new listings, resulted in tighter market conditions in June 2023 compared to the previous year. The average selling price rose by 3.2% to reach $1,182,120. Although the MLS® HPI Composite benchmark experienced a 1.9% year-over-year decline, it marked the smallest annual rate of decline in 2023. On a month-over-month basis, both the seasonally adjusted average price and MLS® HPI Composite benchmark showed an increase.
TRREB Chief Market Analyst Jason Mercer highlighted that a resilient economy, a tight labor market, and significant population growth contributed to the continued high level of home sales. He stated that the Bank of Canada's upcoming interest rate decision and guidance on inflation and borrowing costs for the remainder of 2023 would provide insights into the future recovery of sales and prices.
John DiMichele, TRREB CEO, expressed concerns about the insufficient pace at which new housing is being developed in GTA municipalities to address the current housing supply deficit and keep up with population growth. DiMichele stressed the need for immediate action from government leaders at all levels to fulfill their commitments in rectifying the housing supply crisis.
Furthermore, DiMichele highlighted the ongoing impact of housing affordability, resulting from taxation, fees associated with home sales and construction, and the overall level of taxation affecting households. He emphasized the importance of considering all factors that influence households' financial situation and their ability to secure housing.
Toronto, Ontario - July 6, 2023: Home sales and the average selling price in the Greater Toronto Area (GTA) during June 2023 maintained levels higher than the previous year. Although seasonally adjusted sales experienced a slight decline compared to the previous month, both the seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark saw an increase.
According to Paul Baron, President of the Toronto Regional Real Estate Board (TRREB), the demand for owning a home remains strong despite higher borrowing costs. However, home sales were affected by uncertainty surrounding the Bank of Canada's stance on inflation and interest rates, as well as a persistent lack of inventory. Baron emphasized that the limited availability of suitable homes hindered potential buyers, stating that you can't purchase what isn't available.
GTA REALTORS® reported 7,481 sales in June 2023, a 16.5% increase compared to June 2022. However, the number of listings decreased by three percent during the same period.
The year-over-year sales increase, coupled with the decline in new listings, resulted in tighter market conditions in June 2023 compared to the previous year. The average selling price rose by 3.2% to reach $1,182,120. Although the MLS® HPI Composite benchmark experienced a 1.9% year-over-year decline, it marked the smallest annual rate of decline in 2023. On a month-over-month basis, both the seasonally adjusted average price and MLS® HPI Composite benchmark showed an increase.
TRREB Chief Market Analyst Jason Mercer highlighted that a resilient economy, a tight labor market, and significant population growth contributed to the continued high level of home sales. He stated that the Bank of Canada's upcoming interest rate decision and guidance on inflation and borrowing costs for the remainder of 2023 would provide insights into the future recovery of sales and prices.
John DiMichele, TRREB CEO, expressed concerns about the insufficient pace at which new housing is being developed in GTA municipalities to address the current housing supply deficit and keep up with population growth. DiMichele stressed the need for immediate action from government leaders at all levels to fulfill their commitments in rectifying the housing supply crisis.
Furthermore, DiMichele highlighted the ongoing impact of housing affordability, resulting from taxation, fees associated with home sales and construction, and the overall level of taxation affecting households. He emphasized the importance of considering all factors that influence households' financial situation and their ability to secure housing.
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