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GTA REALTORS Release June 2023 Stats

GTA REALTORS Release June 2023 Stats

GTA Real Estate Market Update by Toronto Real Estate Board

In June 2023, home sales and average selling prices in the Greater Toronto Area (GTA) remained higher than the previous year. However, seasonally adjusted sales decreased compared to the previous month. The average selling price and MLS® Home Price Index (HPI) Composite benchmark increased compared to the previous month. The demand for housing is strong despite higher borrowing costs, but uncertainty surrounding inflation and interest rates, as well as a lack of inventory, affected sales. GTA REALTORS® reported a 16.5% increase in sales compared to June 2022, while listings decreased by 3%. Market conditions were tighter in June 2023 compared to the same period last year. The average selling price rose by 3.2% to $1,182,120. The MLS® HPI Composite benchmark declined by 1.9% year-over-year, the lowest rate of decline in 2023. The Bank of Canada’s interest rate decision and guidance on inflation will impact the future recovery of sales and prices. The housing supply deficit remains a concern, and government leaders have committed to addressing the issue. Housing affordability is also affected by taxes and fees. A comprehensive examination of factors impacting households’ ability to afford housing is needed.
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John Siarkas

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