June showed weaker housing market activity in Toronto

According to the Toronto Regional Real Estate Board (TRREB), the market’s activity peak may be already over, as the numbers started slowing down last month, falling from record levels.

TRREB’s recent report says there were 11,106 home sales in June across the Greater Toronto Area (GTA). Although it’s 28.5% more than a year ago, it’s still 7% down from May. It’s also a much weaker result than about 15,000 sales seen in March. The sequential sales decrease was 9.1% on a seasonally adjusted basis.

The average price for all housing types in the GTA reached $1,089,536, marking a 17% annual gain and a small decline from May’s record exceeding $1.1 million.

All major real estate types saw lower sales and prices with the only exception of condo sector reporting a moderate increase.

In spite of June decline, TRREB still raised its sales forecast for 2021 slightly, taking into account the strong activity of Q1. Now, the board expects 115,000 sales, and not 105,000 as before. In addition to it, TRREB increased its average price forecast to $1,070,000.

“We’ve seen housing sales skyrocketing at the beginning of 2021, with a record numbers during the first quarter. Nevertheless, the record pace is probably over, as pent-up demand has been successfully satisfied amid the absence of usual population growth,” – noted TRREB Chief Market Analyst Jason Mercer.

Year-to-year Summary