(Toronto) People who bought real estate in the Toronto area last month paid, on average, more than if they had done so last year in the same month, but less than if they had concluded this case in May, the region’s real estate board said on Thursday.
According to the organization, the latest data suggests that demand for housing remains solid, while being undermined by the recent increase in interest rates and the uncertainty surrounding inflation.
While buyers mostly stayed away at the start of 2023, as interest rates rose and potential sellers were hesitant to sell their homes because there were fewer bidding wars, the past few months have started to suggest that the market was bouncing back.
From February to May, average prices and the number of sales rose again and sellers began to have the confidence to re-list their homes. The June figures, however, broke with this trend.
The average home sold for $1,182,120 last month in the Greater Toronto Area, up 3.2% from the previous June. However, this price was lower than the average of $1,195,929 recorded in May.
Across the region, the council found sales were 7,481, down from 6,422 in June 2022 and 8,997 in May.
New market listings totaled 15,865, which was down about 3% from the previous June.