Dear Friend,
I hope this message finds you well! I wanted to quickly update you on the Greater Toronto Area (GTA) real estate market as of June 2024. Despite the Bank of Canada lowering interest rates, many potential buyers are still waiting, leading to a slight decrease in average selling prices from last year.
According to TRREB President Jennifer Pearce, "Recent rate cuts have given some relief, but it seems more reductions are needed before more buyers are willing to buy. Surveys suggest that rate cuts totalling at least 100 basis points might be necessary to significantly boost sales."
Home sales in the GTA were down 16.4% from last year, but new listings were up by 12.3%. The average selling price was slightly down from last year but showed a slight increase compared to May 2024.
Jason Mercer, TRREB's Chief Market Analyst, noted, "The current healthy supply in the market has given buyers more choices and stronger negotiating power. This abundance should help stabilize prices as sales pick up."
Now might be a great time to consider buying, John, as the market is filled with opportunities. If you or someone you know is thinking about buying or selling, I’d really appreciate your referral. I promise to take great care of them! Feel free to call me anytime—you have a friend in real estate!
Have a fantastic July,
Elena
P.S. Remember, if you know someone looking to buy or sell, please let me know. I'm here to ensure they receive the best possible service!
