TORONTO – The real estate market in the Greater Toronto Area (GTA) experienced an increase in home sales in June compared to the same month last year, despite a decline in new listings. A total of 6,770 homes were sold in the region, reflecting a significant year-over-year increase of 9.4%. Additionally, on a seasonally adjusted basis, sales rose 1.4% compared to May.

According to the Toronto Regional Real Estate Board (TRREB), the average selling price for homes in the GTA saw a decrease of 3.9% from the previous year, landing at $1,058,658. Meanwhile, the composite benchmark price, designed to represent the typical home, dropped 5.4%. These figures indicate that while the number of transactions has increased, the overall prices are experiencing downward pressure.

TRREB president Daniel Steinfeld highlighted a “marked improvement” in real estate activity during the second quarter of the year after a slow start in the first quarter. He noted that there are expectations for accelerating transactions alongside heightened competition among buyers in the latter half of the year, which might lead to upward trends in prices.

In terms of new listings, there were 17,282 homes introduced to the market in June, which represents a 12.9% decrease compared to the same month last year. The overall inventory of active listings also saw a reduction, with a total of 27,329 homes available, marking a decline of 13.5%. This combination of falling listings and increased sales activity may contribute to a tightening market.

The data presented in this report sheds light on the ongoing dynamics within the GTA's residential real estate market. With demand remaining robust, the influence of reduced inventory could escalate competition among potential buyers, resulting in future price increases.