Home sales and the average selling price in the GTA remained above last year's levels in June 2023. However, sales dipped on a month-over-month basis, possibly due to uncertainty surrounding the Bank of Canada's outlook on inflation and interest rates. A lack of inventory also played a role, making it challenging for some buyers to find suitable homes."

"GTA REALTORS® reported a 16.5% increase in sales compared to June 2022, while listings decreased by 3%. This resulted in a 3.2% rise in the average selling price to $1,182,120. On a year-over-year basis, the MLS® Home Price Index (HPI) Composite benchmark experienced a 1.9% decline, the lowest decline rate in 2023. However, on a month-over-month basis, both the average price and MLS® HPI Composite benchmark showed an increase." Below you will find a link to all the detailed data broken down by city. "In addition, sales declined in June while new listings reached their highest level in a year. This coincided with the Bank of Canada's decision to raise interest rates, which may have impacted the market. Further interest rate hikes and inflation could potentially put downward pressure on prices." "On the positive side, this could create opportunities for prospective homebuyers, as the market may shift towards a 'buyers' market' with more housing supply than demand. However, it's important to note that the market remains relatively stable, with uncertainties still present for the upcoming fall season." "Factors such as higher borrowing costs and a lack of inventory have influenced market sentiment. The Bank of Canada's ability to raise interest rates further may be limited, and a necessary slowdown may occur, resulting in lower inflation and possibly decreased interest rates." "In conclusion, the GTA real estate market showed resilience with sales and average prices above last year's levels. However, recent trends indicate some cooling, with sales declining and new listings increasing. Uncertainties surrounding interest rates and the availability of homes are key factors to watch. Stay informed, and if you have any questions about the market, feel free to reach out. Thank you for your attention.