Toronto Real Estate Market Report

Toronto home sales and average selling price both rose in June, higher than last year’s levels for the first time since February 2022.

Obviously, housing demand 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 hurt buyers because they couldn’t find a home meeting their needs. You can’t buy what is not available.

The 7,481 sales in June 2023 were up 16.5% compared to June 2022. But, the number of listings was down by 3% over the same period. The YoY increase in sales coupled with the decrease in listings mean market conditions were tighter this past June relative to the same period last year. This pushed the average selling price up by 3.2% to $1,182,120.

GTA municipalities continue to lag in creating new housing at a pace sufficient to make up for the current deficit and keep up with record population growth. 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.