Hey everyone, Vinay Lakhani here with RE/MAX Realtron. Hope everyone is enjoying their summer so far! Welcome to another edition of my market report where we're going to be summarizing the sales figures for the GTA for the month of June 2024. The sales for June were down, just over 116% over last year. We had 6200 sales compared to 7400 sales last year. Despite the recent cut from the Bank of Canada, many buyers are still holding off on making that purchase & this has definitely led to a slight dip in the average selling price.   The average selling price in GTA for all home types in June was $1,162,167.00, down about 1.6% from June of 2023.

The market is currently very well supplied meaning buyer's have choices and better negotiating power and the average selling price is down but on a seasonally adjusted basis.  

If you're a buyer, it might be a good time to explore options and have the negotiating power I previously mentioned. If you're a seller, keeping an eye on interest rates and market trends will be key. 

Whether thinking of moving in the near future or not, give me a call and let's chat about what these numbers mean for you and the value of your home. Thank you guys for tuning in to this month's GTA market report. Remember that now more so than ever who you work with makes all the difference.

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