Greater Toronto home sales jumped 9.4% in June, outpacing last year's numbers, while prices softened by 3.9% year-over-year. The Toronto Regional Real Estate Board reports a seasonal uptick in sales after a slow start to the year.
What the numbers show
Home sales in the GTA reached 6,770 in June, with new listings down 12.9% from last year at 17,282. Average selling prices decreased to $1,058,658, and the composite benchmark price fell 5.4%.
- Home sales jumped 9.4% year-over-year in the GTA.
- New listings fell 12.9% from last year.
- Average selling prices decreased 3.9% year-over-year.
What it means for you
As sales continue to rise and listings dwindle, Toronto homebuyers may face increased competition and higher prices in the latter half of the year. However, with prices stabilizing, buyers may find more opportunities to secure a home at a relatively lower price point.