Toronto home sales and prices up from last June, down from May 2023: TRREB
Global News
Toronto homebuyers that snapped up a property last month paid more on average than they did a year ago but less than they would have if they closed the deal in May.
Toronto homebuyers that snapped up a property last month paid more on average than they did a year ago but less than they would have if they closed the deal in May, the Toronto Regional Real Estate Board said Thursday.
The Ontario housing board made the same observation about last month’s sales figures and attributed the trends to a mix of market conditions that have left interest in buying a home high but mortgage rates tough to grapple with and supply tight.
“Home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates,” Paul Baron, the board’s president, said in a press release.
“Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available.”
While 2023 opened with buyers sidelined as interest rates climbed and prospective sellers spooked from selling their homes because there were fewer bidding wars, recent months started to suggest the market was rebounding.
From February to May, average prices and sales ticked up once more and sellers started to have the confidence to list their homes again.
June’s numbers have broken away from the trend.
The average home sold for $1,182,120 last month, up 3.2 per cent from the June before. However, the price was below the average of $1,195,929 that homes went for in May.
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