June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year. Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023.

Some Interesting Facts:

While sales were down month over month, the total sales in all of 2024 are higher than the year to date at this time in 2023.

In June 2023, the days on market for a home in the Durham Region was 15. In 2024 it is 22.

Sales are on trend, it is just taking a little bit long to get there.

Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, we should see sales pick up this fall alongside lower borrowing costs. The large amount of inventory in most markets should keep a drastic rise in prices at bay for now.

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