Greater Toronto Area-home sales ticked 2.4 percent lower in June compared with a year earlier as 6,243 properties changed hands, while new listings rose.
The Toronto Regional Real Estate Board (TRREB) said sales were up 8.1 per cent from May on a seasonally adjusted month-over month basis, as the housing market “continued to show signs of recovery.”
The board said 19,839 new properties were listed in the GTA last month, up 7.7 per cent compared with last year.
“With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices,” TRREB president Elechia Barry-Sproule said in a news release. “Combined with lower borrowing costs compared to a year ago, home ownership is becoming a more attainable goal for many households in 2025.”
The average selling price fell 5.4 per cent compared with a year earlier to $1,101,691, and the composite benchmark price, meant to represent the typical home, was down 5.5 per cent year-over-year.
June home sale reports from the real estate boards of Vancouver, Calgary and the Greater Toronto Area show that sales and prices are down year-over-year in all three markets.
Active listings hit 31,603 last month, up 30.8 per cent from June 2024’s inventory of 24,169 homes. Like other regions, the GTA experienced a sluggish first half of the year for real estate activity as many would-be buyers were spooked by economic uncertainty associated with Canada’s trade war with the U.S.
In May, home sales were down about 13 per cent year-over-year after a 23 per cent annual decline in April.
“A firm trade deal with the United States accompanied by an end to cross-border sabre rattling would go a long way to
alleviating a weakened economy and improving consumer confidence,” TRREB chief information officer Jason Mercer said.
“On top of this, two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices.”
The Bank of Canada has held its key policy rate steady for two straight decisions at 2.75 per cent after seven consecutive cuts.
In the City of Toronto, there were 2,319 sales last month, a 3.5 per cent increase from June 2024. Throughout the rest of the GTA, home sales fell 5.6 per cent to 3,924.
All property types saw fewer overall sales in June compared with a year ago throughout the region. The largest decline was in the townhouse segment, where four per cent fewer properties sold, followed by detached houses with a 2.9 per cent decrease.
There were 2.5 per cent fewer condos sold and a 0.7 per cent drop of semi-detached homes that changed hands.
