Prices are on the rise! ​​​​​​​​​ Greater Toronto Area (GTA) Home Sales Update!

June 2023 showed higher home sales and average prices compared to last year. Seasonally adjusted sales dipped month-over-month, but average selling price and MLS® Home Price Index (HPI) Composite benchmark increased compared to the previous month.

Despite higher borrowing costs, the demand for ownership housing is stronger than last year. However, uncertainty about inflation and interest rates impacted sales. Inventory shortage also affected buyers. ❌

In June 2023, GTA REALTORS® reported 7,481 sales, a 16.5% increase compared to June 2022. Listings were down 3%. ⬆️⬇️

Average selling price rose by 3.2% to $1,182,120. The MLS® HPI Composite benchmark declined by 1.9% on a year-over-year basis, the lowest decline rate in 2023. Overall, the market conditions were tighter in June 2023 compared to the same period last year.

Are you wondering what this means for the value of your home?

Give us a call on 416-786-0035 or dm @boltonandclements and we'll provide you with expert advice on what this means to you specifically.

Yours in real estate,

Bolton & Clements Real Estate Group