Toronto Real Estate TRREB Published June, 2022 Resale Market Figures

 

Toronto Real Estate TRREB Published June, 2022 Resale Market Figures

 

Higher borrowing costs continued to impact home sales in June
2022. Sales totalled 6,474 – down by 41 per cent compared to last
year’s strong result. The number of transactions was also down
compared to May 2022, but this is often the case due to the
seasonal nature of the market.

 

The average selling price, at $1,146,254, remained 5.3 per cent
above the June 2021 level, but continued to trend lower on a
monthly basis. The MLS® Home Price Index Composite
benchmark was up by 17.9 per cent year-over-year, but also
experienced a month-over-month dip compared to May. Annual
price growth was driven more so by less expensive market
segments, including townhouses and condominium apartments.

 

Home sales have been impacted by both the affordability
challenge presented by mortgage rate hikes and the
psychological effect wherein home buyers who can afford
higher borrowing costs have put their decision on hold to see
where home prices end up. Expect current market conditions
to remain in place during the slower summer months. Once
home prices stabilize, some buyers will re-enter the market
despite higher borrowing costs.

 

While the number of transactions was down year-over-year, the
number of new listings was little changed over the same period.
This has provided for more balance in the market, resulting in a
more moderate annual pace of price growth.

 

Listings will be an important indicator to watch over the
next few months. With the unemployment rate low, the
majority of households aren’t in a position where they need
to sell their home. If would-be sellers decide to take a
wait-and-see attitude over the next few months, it’s possible
that active listings could trend lower as well. This could
cause market conditions to tighten somewhat, providing
some support for home prices.

 

Our region continues to grow because we attract people
and businesses from all around the world. All of these people
will require a place to live, whether they choose to buy or
rent. Despite the shorter-term impact of higher borrowing
costs, housing demand will remain strong over the long-term,
as long as we can produce homes within which people can
live. Policymakers at all levels need to make this their key goal.

 

Source: trreb.ca/

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