Home sales fell by 7 per cent from May to June, says the Toronto Regional Real Estate Board
again, but the shortage of available homes kept buyers’ competition strong and pushed values higher.
Home sales fell by 7 per cent from May to June, after adjusting for seasonal influences, the Toronto Regional Real Estate Board said in a Thursday press release. That marked the first decline in sales since February, when buyers came rushing back to the market after theBut the home price index , which excludes the highest valued properties, rose 2.5 per cent to $1,163,200 from May to June on a seasonally adjusted basis, according to the TRREB.
Most of this year has been characterized by a dearth of homes available for sale. Although more homeowners decided to put their properties on the market last month, new listings were 3 per cent below June, 2022, when activity had stalled because of rising interest rates. Year-over-year sales last month were up 16.5 per cent and the HPI fell by 1.9 per cent. That is a tiny decline compared with how much value the market lost when the Bank of Canada started its rate hiking campaign in March, 2022. In thesuburbs, home prices had dropped as much as 25 per cent. But prices have been rising quickly in areas such as Halton, Peel, Durham and Simcoe.
“Despite higher borrowing costs, demand remains elevated relative to supply compared to this time last year. Increased competition between buyers has been supporting home prices,” said Jason Mercer, chief market analyst at TRREB.
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