Toronto & Durham Region Housing Market Update - June 2024
Today, we're diving into the latest housing market report for June 2024, focusing on the City of Toronto and the Durham Region. Toronto, is seeing a bit of a downturn, but over in Durham Region, the market activity looks a bit more promising. This might be a sign that the market is beginning to favour buyers. In this blog post, I will break down the numbers, explore the trends, and help you understand what these changes could mean for you.
Let's begin by looking at the stats for the city of Toronto. According to the Toronto Regional Real Estate Board, for the month of June, we saw a 17.2% decrease in the number of home sold in Toronto. So to give you a better idea of what that looks like, 2,701 homes were sold in May compared to 2,236 homes sold in the month of June. This decrease in sales may be due to many buyers continuing to put their home purchase on hold because they are awaiting to hear of further interest rate cuts. The next interest rate announcement is set for July 24, so we will have to wait and see what happens then.
The number of home listed for sale in Toronto has also decrease month over month. There were 7,360 homes listed for sale in May compared to 6,820 homes listed in June. This is a 7.3% decrease, so nothing major. What may be happening here is many homeowners are deciding to hold off putting their home up for sale because we currently have so much inventory. In my opinion, this is a good move.
As for, the average sale price for home in Toronto, it has decreased by 1.6%. The average price for a home in May was $1,193,202 compared to $1,173,781 in June. So, these numbers show that despite having a large number of homes available for sale, home prices are still remaining steady.
Now lets take a look at the stats for Durham Region.We saw a 3.3% decrease in the number of homes sold in Durham Region for the month of June. So to be exact, 907 homes were sold in May compared to 877 homes sold in June. So although the number of homes sold has decrease month over month, the decrease was not that drastic, which shows that the market still has a fairly steady demand of buyers. Another important thing to note is that, sales tend to drop in the summer month anyways, just because a lot of people are away on vacation and are not really focused on buying. However, with that being said, this time of the year opens up a great opportunity for first time buyers, because they not only have less competition with other buyers, but right now we have so much inventory, so buyers have a lot to choose from.
Now lets move on to the number of listing in Durham. The number of homes listed for sale has increased by 7.2% month to month. There were 2,082 homes listed in May compared to 2,232 homes listed for sale in June. This is interesting to see. So even though we are seeing less buyers entering the market at this time, many seller are still choosing to put their homes up for sale. This could be due to many people selling their investment property at this time. Either way, seller may have to be a bit more patient as their property may take a bit longer to sell.
Next, the average sale price in Durham increased slightly. The average price for a home in the Durham Region for the month of June was $956,428. If we compare this price to last month, we will see that the average home price has increased by $1,486. This is showing us that home prices in Durham are remaining steady and maintaining their value.
To give you an idea of what the average home prices are in each city take a look at this breakdown below:
- Pickering: $991,677
- Ajax: $982,871
- Whitby: $1,061,199
- Oshawa: $822,846
- Clarington: $896,491
As you can see from this chart , Whitby currently has the highest average home price and Oshawa remains the most affordable. To add to this , as I reviewed the the stats further, I notices that there were some large average prices decreases in Oshawa. The average price of a semi-detached home in Oshawa decreased by over $31,000 compared to last month. Which puts them at an average sale price of around $690,000. But the largest price decrease were condo apartments in Oshawa, which decreased by over $152, 000 compared to last month. So the average price for a condo apartment in Oshawa is sitting at $356,000. Many of us are looking for affordable housing options, so i though this information might be helpful.
So to recap, looking ahead. Many buyers are likely to remain cautious, waiting for further rate cuts before making a decision to purchase. This along with typical summer slow down could keep home sales less active for a while longer. First time buyers may want to consider taking advantage of the large amount of homes to choose from, less competition and price drop in certain areas. And finally, homeowners looking to sell, may want to continue to closely monitor market activity before they decide to list their home for sale.
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