June Market Update

Hello and happy June!

It feels as though summer has arrived, and I hope you've had the chance to enjoy the warmer weather. Home sales in May remained relatively flat from April and felt slow?compared to last spring's brief spike in market activity. However, we received promising news with the Bank of Canada's rate adjustment, down a quarter of a point. While we haven't seen a significant uptick in activity or sales just yet, it's still early, and this change could breathe new life into the market.

In May, there were 7,013 reported home sales through the Toronto Regional Real Estate Board—a 21.7% decline compared to 8,960 sales in May 2023, but only a 1% decline from April 2024.

The number of available homes for sale is up just over 83% compared to the same month last year and up 17% from April. This increase in inventory will likely put downward pressure on prices. That said, the average selling price in May was $1,165,691, down only 2.5% from May 2023 and less than 1% from April 2024.

With more choices available compared to a year ago, buyers can benefit from a greater selection of homes and better opportunities to negotiate. For sellers, it's still possible to achieve a great return, as long as you're realistic and in tune with the market. Those looking to upsize may find this an excellent opportunity, as there could be significant discounts on larger, more expensive properties.

As the market continues to evolve, expert advice is crucial for navigating real estate decisions. Whether you're buying, selling, or just seeking advice, I'm here to help. Book a no-obligation call with me to discuss your real estate plans and how I can assist you in achieving your goals.

DATA SHEETS Break down these market stats like a pro. ?

Months of Inventory: ?This number averages how many homes are sold per month, and tells us how many months it would take to run out of homes if no new listings?come up. A balanced market is usually 5-6 months of inventory depending on the area.? Sale Price, Number of Sales, and?Days on Market: These numbers are compared year over year (i.e. May 2023?vs May?2024). Active Listings: Number of properties available on the market. Looking for micro market statistics? Check them out?here!

Are you ready to take your first steps towards owning a?home? Expert mortgage broker Sean Humphries?and I, cover everything you need to know about the home buying process, from getting pre-approved for a mortgage to finding the perfect property.

? ON THE MARKET

Check out my new listings!

This sunny south facing 2 bed, 2 bath condo is a perfect option for first time home buyers, with over 860 sq ft, offered at just $689,000!

View listing: https://www.realtor.ca/real-estate/27032064/1203-215-sherway-gardens-road-toronto-islington-city-centre-west

Welcome to Stoney Creeks finest! This stunning?3-bed, 3-bath home is located on a quiet cul-de-sac on the mountain, offering a true oasis for nature lovers, in addition to a renovated, modernized home.