Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017, which is down by 37.3 per cent in comparison to June last year.
June showed us that on one hand, many Toronto households are interested in purchasing a home in the near future, but some of these would-be buyers are putting their decision to purchase temporarily on hold while they are waiting to see the real impact of the Ontario Fair Housing Plan.
And on the other hand, we have existing homeowners who are listing their home because of the feeling that price growth may have peaked.
This situation resulted in a better-supplied market, where the number of new residential listings entered into TREB’s MLS® System was up by 15.9 per, and a moderating annual pace of price growth, with the average selling price for all home types combined representing a 6.3 per cent increase compared to the same month in 2016.
As Jason Mercer, TREB’s Director of Market Analysis and Service Channels, adds:
Recent Ipsos survey results suggest that home-buying activity in the GTA will remain strong moving forward. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016.