Home sales were slightly down on a monthly basis
Seasonally adjusted sales were down in Toronto’s housing market in June compared with the previous month, although demand for homeownership remained stronger than the same time in 2022.
That’s according to the latest market figures released by the Toronto Regional Real Estate Board (TRREB), whose president Paul Baron said in an accompanying statement that uncertainty over inflation and possible further Bank of Canada rate hikes had “hampered” June activity.
The board said 7,481 sales had taken place in June, a 16.5% jump on a year-over-year basis but down from 8,997 in May.
The average home price also ticked downwards compared with May, to $1.182 million from $1.196 million, although it was 3.2% higher than the same time last year.
OUT NOW! #TRREB urges governments to accelerate action on housing supply as lack of listings lead to tighter GTA market conditions in June. Access TRREB’s latest #MarketWatch Report for the latest #marketstats & MORE! ➡️🔗https://t.co/bgUlXmMsoR#GTArealestate #TorontoRealEstate pic.twitter.com/iKF70DhfTE
— Toronto Regional Real Estate Board (@TheReal_TRREB) July 6, 2023
TRREB’s chief executive officer John DiMichele said housing supply remained a familiar thorn in the side of the city’s housing market, with the number of listings falling by 3% compared with June 2022.
“GTA [Greater Toronto Area] municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth,” he said.
“Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month.”
Detached sales spiked by 13.3% on a yearly basis to 3,377, with townhouse sales up by 13.1% (to 1,233) and sales of semi-detached properties posting a 7.4% increase, to 678. Condo apartments, meanwhile, saw sales jump by 27.2% to 2,122 units.
