Toronto Home Sales Continue To Dip

Home sales in the Greater Toronto, ON, Area (GTA) were down 41 per cent in June compared to last year at 6,474, says a report by the Toronto Regional Real Estate Board (TRREB). The number of transactions was also down compared to May, but this is often the case due to the seasonal nature of the market. “Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up,” says Kevin Crigger, president of TRREB. “Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs.” While the number of transactions was down year-over-year, the number of new listings was little changed over the same period.