June 2024 - Is It A Great Time To Buy?
June was another slow real estate market in Toronto with -2% decline in the year-over-year average sale price for the second month in a row.
Overall, City of Toronto prices of detached homes were down -1% while semi-detached house prices dropped by -9%.
The downtown condo market has taken the biggest hit with ballooning listing inventory and the lowest sales for June in the last 16 years.
This carnage could make it an excellent time to snag a bargain on a house or condo for your family.
Thomas
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for JUNE 2024 as we cruise through our summer real estate market.
Across the entire TRREB Board, JUNE sales (6,213) were a big -16% below last year
Active Listings (23,613) however were +67% above those in June 2023-highest since 2010
The ratio of sales-to-listings dropped again during the month to 26% in June – a definitive indication of a buyer’s market
The June average sale price came in at $1,162,167– again a -2% drop from the 2023 average one year ago
The GTA real estate market ‘velocity’ slowed slightly to 20 days-on-market
Detached home sales in June 2024 with a purchase price over $2,000,000 were down by -18% (461 houses) while condo apartment sales over $2M were flat (20 suites) compared to June 2023
The CONDO townhouse / highrise share of the overall market declined slightly to 32% during the month and all condo-type sales (2,007) declined by -26% from 2023
In the City of Toronto only, detached house sales (744) slowed by -8% from 2023 while the average detached sale price ($1,758,649) declined by -1% compared to a year ago
In June Toronto semi-detached sales (236) were down by -21% year-over-year while the average semi sale price ($1,282,973) declined by -9%
Downtown condo active listing numbers were up BIG time again… an increase of +77% in C01 and by +89% in C08 from last year
June year-over-year downtown condo sales declined both in C01 (-28%) and in C08 (-33%) compared to 2023
The downtown condo days-on-market average stayed relatively steady at between 26 & 25 days in both C01 and C08
The June ratio of sales-to-listings for high-rise condos downtown slid again this month into deeper buyer market territory in both C01 (14%) and in C08 (12%), caused principally by the large increase in condo suite inventories
In the 905 districts, June saw average detached and condo apartment home prices decline by around -3% to -4% compared to 2023. Sales numbers were all negative (-12% houses / -26% condos) from one year ago
I don’t expect the market to make any improvements until later in the fall, and only if there are significant interest rate declines and an uplift to our economy. Sellers are in trouble but buyers, if they can afford it, have a definite advantage right now.
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650
