June GTA Market Report

Sales Reduced By 16% after the interest rate cut

Unemployment Rate Rose to 6.4%

New Townhomes - Camden Crossing

19th Ave & Leslie St - Coming Soon

TORONTO REGIONAL REAL ESTATE REPORT DATED 4 JULY 2024

 

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year. The average selling price of $1,162,167 was down by 1.6% over the June 2023 result of $1,181,002.

 

“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

 

Canadian Unemployment Rate Rose to 6.4% In June : The June result was the highest reading for the unemployment rate since January 2022 when it was 6.5 per cent.

Leslie Preston, managing director and senior economist at TD Bank, said TD was still forecasting that the Bank of Canada would wait until September before cutting again, but noted there are two key data points to come before the July rate decision: the central bank’s quarterly business outlook survey and the June inflation report.

Market Watch Full Report for June 2024
六月份報告

Condo sales plummet 28% in June compared to the same time last year, followed by townhouses down 14 per cent, semi-detached down 11.4 per cent, and detached down 10.6 per cent.

Condos are typically entry-point homes for first-time homebuyers and while many are close to purchasing their first home they need to see more relief on the interest rate front, said Jason Mercer, TRREB chief market analyst, in an interview with the Star.

On the contrary, condos prices dropped by 1.5% year over year lower than other home types, the semi-detached seeing the greatest decline at 9.3 per cent, followed by townhouses down 4.9 per cent and detached at 3.3 per cent.

“The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB Chief Market Analyst Jason Mercer.

 

‘Nothing is moving’: GTA sales of newly built homes plummet in May

A new report from Altus Group analysts and the Building Industry and Land Development Association shows new home inventory still rising, with an increase of 20,427 new homes on the market in May — 16,845 condos and 3,582 single-family homes. At the recent pace of sales, the report estimates it’s enough inventory to last for 14.5 months. But the market is starting to shift, Sherwood said, forecasting a bigger change ahead. “We’re already starting to see a slowdown in housing starts, but that’s going to accelerate precipitously,” BILD executive Justin Sherwood said. 

 

COMING SOON

CAMDEN CROSSING DEVELOPED BY

TREASURE HILL

19TH AVE & LESLIE ST IN RICHMOND HILL

Leslie Street and 19th Avenue in Richmond Hill, is a collection of townhomes nestled in a community that will be backing onto green space. Located on the north side of 19th Ave, Camden Crossing is just minutes to highways 404, 407 and highway 7, making commuting a breeze, plus it is close to all major amenities including numerous parks, schools, shopping, dining and entertainment.

Please contact our team at 647-298-1234 for any property services including purchase, sale, new pre-constructions projects /assignment sales, free property evaluation service and other property related services.

Christina Leung, Broker of MEhome Realty (Ontario) Inc, 9120 Leslie Street #101, Richmond Hill, ON, Canada
+16472981234

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