{"id":22862,"date":"2023-07-06T11:10:33","date_gmt":"2023-07-06T15:10:33","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22862"},"modified":"2023-07-06T11:10:34","modified_gmt":"2023-07-06T15:10:34","slug":"trreb-june-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-june-2023\/","title":{"rendered":"Toronto\u2019s Summer Market Off to a Competitive Start Amid Dwindling Supply: TRREB"},"content":{"rendered":"\n<p>Compared to last June, <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> buyers this year are more eager and active, bringing both sales and average prices up significantly. Though the average price was down slightly from May, at $1,182,120 it increased by 3.1% from June 2022. Home sales reached 7,481 last month, a year-over-year increase of 16.5%, and suggested that demand for housing is still strong.\u00a0<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>\u201cA resilient economy, tight labour market and record population growth kept home sales well above last year\u2019s lows. Looking forward, the Bank of Canada\u2019s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,\u201d said TRREB Chief Market Analyst Jason Mercer.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"478\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2-478x1024.png\" alt=\"\" class=\"wp-image-22864\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2-955x2048.png 955w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-TRREB-REGION-JUNE-23-2.png 600w\" sizes=\"auto, (max-width: 478px) 100vw, 478px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"478\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23-478x1024.png\" alt=\"\" class=\"wp-image-22865\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23-955x2048.png 955w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/TRREB-CHART-COT-JUNE-23.png 600w\" sizes=\"auto, (max-width: 478px) 100vw, 478px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Inventory Drops Hindering Further Sales Growth<\/h1>\n\n\n\n<p>Months of inventory, which was already low at 2.2 months in May, fell to a new low in June at 2.1 months. However in June of last year inventory sunk to 1.1 months, so though lack of supply is still a major concern, conditions have improved from the summer of 2022.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/renewing-mortgage-canada-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>3 Tips to Maximize Affordability When Renewing Your Mortgage in 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>\u201cGTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,\u201d said TRREB CEO John DiMichele<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Demand for Semi-Detached Homes Increasing<\/h1>\n\n\n\n<p>Out of all property types, semi-detached was the only one to show a month-over-month increase in average price, increasing by 1.4% to $1,214,872. Detached, townhouse, and condo apartment properties all experienced a month-over-month decrease in average price, with condo townhouses dropping the most at 1.9% to $851,497.&nbsp;<\/p>\n\n\n\n<p>Looking at the year-over-year numbers paints a slightly different picture; the average price for a semi-detached property, detached property, and condo townhouse all jumped up significantly at 8%, 5.2%, and 3.2% respectively. Condo apartments were the only property type to see a year-over-year decrease.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/real-estate-month-in-review-june-2023-canada\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Canadian Real Estate Month in Review: June 2023 &#8211; Housing Market Trends and Insights<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>In the City of Toronto, buyer demand shifted from detached properties to the more affordable semi-detached property type, as semi-detached was the only property type to experience a month-over-month sales increase. Semi-detached sales in the 416 reached 298 in June, up 4.2%, while all other property types experienced sales decreases of more than 11%. However, across all property types sales were up annually in the City of Toronto, with condo apartments and semi-detached properties leading the way with 23.4% and 21.6% increases respectively.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re on the fence about buying or selling in today\u2019s unpredictable market, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call<\/a>! Our real estate agents can answer your questions on mortgage rates, affordable cities, and market conditions in your local market.\u00a0\u00a0<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to enter the summer market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Compared to last June, Toronto buyers this year are more eager and active, bringing both sales and average prices up significantly. Though the average price was down slightly from May, at $1,182,120 it increased by 3.1% from June 2022. Home sales reached 7,481 last month, a year-over-year increase of 16.5%, and suggested that demand for [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":22866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1160,181],"tags":[],"class_list":["post-22862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Toronto\u2019s Summer Market Off to a Competitive Start Amid Dwindling Supply: TRREB | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Toronto buyers were active and eager in June, bringing both sales and average prices up. 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