GTA Real Estate Market June 2023 Summary
As per the June 2023 TRREB Market Watch Report, home sales and the average price at which homes were sold in the GTA in June 2023 remained higher than last year. Adjusted for seasonal variations, sales decreased compared to the previous month.
According to the TRREB report, demand for owning homes is stronger than last year, despite higher borrowing costs. However, uncertainty surrounding the Bank of Canada’s stance on inflation and interest rates, along with a persistent lack of available homes, affected sales last month.
While home sales across the GTA for the month of June were about 20% less than May (7,481 vs. 8,997), the average June home price was only about 1% lower than May ($1,182K vs. $1,195K).
TRREB reported 7,481 sales in June 2023, which is a 16.5% increase compared to June 2022. The number of listings decreased by 3% during the same period. The increase in sales compared to last year, coupled with the decrease in new listings, created tighter market conditions in June. The average selling price rose by 3.2% to $1,182,120.
TRREB report further adds that a strong economy, a tight labor market, and a growing population contributed to the higher sales compared to last year. The Bank of Canada’s interest rate decision and its guidance on inflation and borrowing costs for the rest of 2023 will determine the extent of sales and price recovery.
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