Toronto Real Estate Market Update: June 2023

In this post, we bring you an in-depth market update on Toronto's real estate scene for June 2023. Discover what's been happening in the real estate landscape and gain valuable knowledge to make informed decisions. Let's dive in!

Market Update Highlights:
Strong Sales for Freehold Properties: Despite the recent increase in interest rates, June saw robust sales numbers for freehold properties in the city of Toronto. Buyers, some with pre-approvals, were eager to seize the opportunity and secure their desired properties.

Evolving Dynamics in the Condo Market: Condo sales in the 416 area started to slow down as inventory increased. Buyers took a cautious approach, observing the market before making their moves. However, there are signs of change as we enter July, indicating potential shifts in the condo market.

Bullish Perspective on Condos:
We remain optimistic about the condo market due to its viability for those seeking more space at a more affordable price point. With detached house prices soaring to an average of almost 1.8 million, condos present a viable option for growing families. Transitioning from a one or two-bedroom condo to a three-bedroom or condo townhouse can provide the desired space without the hefty price tag.

Analyzing the Numbers:
Examining the data provided by the Toronto Real Estate Board, we can derive valuable insights into the market:
  • Sales: June 2023 saw a 16.5% increase in sales compared to the previous year.
  • Price Trends: Average prices showed an increase compared to last year, although there was a slight month-to-month dip in June.
  • House Types: Detached houses and semi-detached properties experienced price increases, while townhouses and condos remained relatively stable.
Considerations and Future Outlook:
As interest rates continue to rise, they may exert downward pressure on prices, especially if they reach higher levels. However, it's crucial to consider the supply-demand dynamics. While condos are better supplied, the supply of freehold houses remains limited, which can keep prices resilient.

Looking ahead, it will be essential to monitor the market closely. If prices continue to slide in the coming months, it may resemble the trend observed in the previous year. However, factors like inflation, employment numbers, and potential interventions by the Bank of Canada will shape the future scenario

Stay Informed with Garrison Collective:
At Garrison Collective, we are committed to providing you with the latest updates and trends in Toronto's real estate market. Be sure to subscribe to our YouTube channel and keep an eye on our blog for upcoming podcasts, house tours, and informative content.

Stay ahead of the curve by staying informed about the dynamic Toronto real estate market. Watch the video above for an in-depth June 2023 market update from Josh, and gain valuable insights into the trends shaping the industry. Make sure to subscribe, like, and comment on our YouTube channel to receive timely updates. Thank you for joining us, and we look forward to sharing more exciting content with you!