The Return of Buyers. Sales and Prices on the Rise. Increasing Borrowing Costs.
- Buyers are back! Despite higher borrowing costs, the demand for home ownership is stronger than last year.
- Sales were up 16.5 per cent compared to June 2022. While the number of listings was down by three per cent over the same period.
- The average selling price was up by 3.2 per cent to $1,182,120.
- “The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
Want more details? Check out TRREB's Full Report
June 2023 vs. June 2022
June 2023 vs. May 2023
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