Higher borrowing costs continued to impact home sales in June 2022. The Toronto Regional Real Estate Board (TRREB) has released its latest market stats, which show a 41 percent decline in sales compared to last year across all housing types. The average selling price, at $1,146,254, remained 5.3 per cent above the June 2021 level, but continued to trend lower on a monthly basis. Month-over-month the average selling price dipped by 5.5 per cent.
While the number of transactions was down year-over-year, the number of new listings was up in most of our service areas. This has provided for an even greater shift into a buyer’s market, resulting in a more moderate annual pace of price growth.
“Our region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live. Policy makers at all levels need to make this their key goal,” said TRREB CEO John DiMichele.