Market Update
GTAREALTORSRELEASE MAYSTATS
TORONTO,ONTARIO,June5,2024–Mayhomesalescontinuedatlowlevels,especially incomparisontolastspring’sshort-livedpick-upinmarketactivity.Homebuyersare still waiting for relief on the mortgage rate front. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiatingroomonprices."RecentpollingfromIpsosindicatesthathomebuyersare waitingforclearsignsofdecliningmortgagerates.Asborrowingcostsdecreaseover the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market,"statedTorontoRegionalRealEstateBoard(TRREB)PresidentJenniferPearce.
Source:
TRREB Market Watch
Greater Toronto Area REALTORS® reported 7,013 home sales through TRREB’s MLS® System in May 2024 – a 21.7 per cent decline compared to 8,960 sales reported in May 2023. New listings entered into the MLS® System amounted to 18,612 – up by 21.1 per cent year-over-year.
The MLS® Home Price Index Composite benchmark was down by 3.5 per cent on a year-over-year basis in May 2024. The average selling price of $1,165,691 was down by 2.5 per cent over the May 2023 result of $1,195,409. On a seasonally adjusted monthly basis, the average selling price edged up slightly compared to April 2024.
“While interest rates remained high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. We have seen selling prices adjust to mitigate the impact of higher mortgage rates. Affordability is expected to improve further as borrowing costs trend lower. However, as demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases,” said TRREB Chief Market Analyst Jason Mercer.
“In order to have an affordable and livable region over the long term, we need to see a coordinated effort from all levels of government to alleviate our current housing deficit and to provide housing for new population moving forward. On top of this, governments need to ensure the delivery of infrastructure to support our growing population. The economic health and liveability of our region depends on the timely completion of public transit projects including better transparency and clear timelines on the completion of the Eglinton Crosstown LRT,” said TRREB CEO John DiMichele.
Source: TRREB Market Watch
GTA MARKET UPDATE
Year-Over-Year Summary May 2024
2024 2023 % CHANGE SALES 7,013 8,960 -21.7% NEW LISTINGS 18,612 15,363 21.1% ACTIVE LISTINGS 21,760 11,869 83.3% AVERAGE PRICE $1,165,691 $1,195,409 -2.5% AVERAGE PROPERTY DAYS ON MARKET 28 20 40.0% 416 905 416 905 Detached YoY % Change 851 -11.4% 2,387 -21.9% $1,826,370 -4.5% $1,392,699 -3.5% Semi-Detached YoY % Change 274 -3.5% 342 -31.5% $1,416,496 1.3% $979,394 -9.6% Townhouse YoY % Change 255 -16.9% 894 -26.2% $1,044,874 -2.2% $919,286 -6.9% Condo Apartment YoY % Change 1,297 -23.2% 645 -25.8% $767,064 -2.3% $657,925 -3.0%
Source: TRREB Market Watch Sales Average Price
MISSISSAUGA MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS PROPERTY DAYS ON MARKET MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE $1,096,142 28 1,671 2.91 -3.19%
TORONTO MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE
$1,193,202 29 7,360 3.34 -2.81% PROPERTY DAYS ON MARKET
OAKVILLE MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE
$1,591,978 29 732 3.34 -7.28% PROPERTY DAYS ON MARKET
BURLINGTON MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE
$1,158,109 23
2.24 -3.02%
ON MARKET
526
PROPERTY DAYS
MILTON MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE
$1,046,179 25 445 2.32 -7.85% PROPERTY DAYS ON MARKET
VAUGHAN MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE
$1,334,545 30 855 3.14 -3.36% PROPERTY DAYS ON MARKET
DURHAM MARKET UPDATE
Source: TRREB Market Watch
AVERAGE HOME PRICE NEW LISTINGS MONTHS OF INVENTORY YEAR OVER YEAR % CHANGE
$954,942 20 2,082 2.08 -2.34% PROPERTY DAYS ON MARKET
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