Canada’s largest real estate market suffered yet another slump in June, after buying activity fell further away from the highs of March and May.
According to the Toronto Regional Real Estate Board (TRREB), there were a total of 11,106 properties that traded hands in June, which is 28.5% higher compared to year-ago levels, but marks a 7% decline from May, and a sharp drop from the record 15,000 homes that were sold in March. The TRREB noted that much of the year-over year sales growth was primarily concentrated in the condo sector, particularly in the City of Toronto and some of the surrounding suburban regions.
In the meantime, the average selling price of properties sold across the GTA were 17% higher from June 2020, and stood at $1,089,536. However, the average price marked a slight decline from the record-breaking average price of $1.1 million that was reported in May 2021. The TRREB also noted that much of the price growth as of late has been concentrated in the low-rise segments of the real estate market.
Despite the surprising June slump, the TRREB upwardly revised its 2021 sales outlook. The latest forecast now calls for a total of 115,000 property transactions, at an average selling price of $1,070,000.
Information for this briefing was found via the TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
