Mid-year update: Understanding the shifts in real estate

Around the mid-year mark, it’s appropriate to take stock of the latest trends in the GTA real estate market, and look ahead to what’s in store for the rest of the year.

Despite recent rate cuts from the Bank of Canada in June and July, many buyers are still holding back and waiting for more cuts before diving in. In June, we saw a dip in home sales, with 6,213 homes sold, a 16.4-per-cent drop from June 2023.

Price and listing trends

Home prices have slightly dipped. The average price now stands at $1.16 million, down by 1.6 per cent from June 2023.

Home type price breakdown

• Detached homes: $1.48M
• Semi-detached: $1.10M
• Townhouses: $931,490
• Condo units: $727,861

The GTA housing market is currently well-supplied. Recent homebuyers are benefiting from more choice and negotiating power on price. There were 17,964 new listings in June, which is up 12.3 per cent over last year.

What’s next?

Looking ahead, the future of the GTA market hinges on further rate cuts and economic adjustments. As borrowing costs decrease, sales are expected to pick up again. Long-term demand remains robust, driven by strong population growth and Ontario’s ambitious goal to build 1.5 million new homes by 2031. Achieving this will require cutting red tape and reducing financial barriers for home construction.

For more on the state of the market, check out our monthly Market Watch. We break down prices, sales and new listings each month with an easy to glance report.

Visit trreb.ca for the latest look into the housing market and to connect with a TRREB member realtor.