➕‘the numbers’ for June are in. Once again, Toronto real estate market conditions continued to moderate in response to higher borrowing costs with some home buyers putting their decision on hold to see where home prices end up and others challenged by affordability. For active buyers, the more balanced conditions have provided more negotiating power.
June 2022 sales volume trended down on a monthly and annual basis, and the current market conditions are expected to remain throughout the summer. However, long term demand for housing will remain strong and once prices stabilize, it is expected to bring more buyers back to the market.
For Sellers, market conditions supported moderate year over year gains in average selling prices in the ‘416’ including detached houses [+2%], semi-detached houses [+6%], townhouses [+9%] and condos [+7%] vs. 2021.
Looking to buy or sell a home in Toronto? Average prices in June were as follows:
Data presented is for Toronto Only. Source: TRREB.