𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for June 2024 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📢
For the most part in the areas within our report, the average selling price was down compared to June 2023, although with mixed results depending on the location and the product type. We are in an interesting market, that does not have a ‘one size fits all answer’. Yes, we are better supplied with inventory for sale this year, and with a decline in sales volume compared to June 2023 as some Buyers are on the sidelines waiting for further interest rate cuts before making a move.
𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗼𝘂𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗮𝗸𝗲 𝗮𝘄𝗮𝘆’𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗝𝘂𝗻𝗲 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗶𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝘀 𝗺𝗼𝗻𝘁𝗵 𝗼𝘃𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 𝘄𝗶𝘁𝗵 𝗠𝗮𝘆 𝟮𝟬𝟮𝟰:
◼️ Toronto detached home values down $68,000 month over month, and flat to last year. Opportunity in semi-detached homes, down $130,000 month over month and with the largest decrease in value over last year, down almost 9%. Condo apartments flat on a month over month and annual basis.
◼️ Consistent results in Mississauga across all home types on a month over month basis. Detached homes down 3% compared to last year, aligned with the average decrease in value across the Toronto Regional Real Estate Board areas. The only home category up year/year were freehold townhouses, at a 2% increase.
◼️ Affordability may be a factor in Oakville as the average price for detached homes dropped almost $110,000 over the month prior, which was already down $130,000 from April. Detached homes in Oakville also experienced the largest decrease in the year over year value of the areas in our report, down 11.6%. All other home categories were flat on a month over month basis, suggesting stability in the more attainable price points.
◼️ Burlington detached home values were up by 4.5% year/year and remained consistent with the month prior. There was a point in time when buying a detached home in Burlington was considerably more affordable than Mississauga, however these days they are relatively at par. The appeal of Burlington for people moving from Toronto/Mississauga further west is evident based on quality of life and affordability. In other home types, semi-detached were down almost $100,000 month over month and with a big drop to last year, down 15.4%. Condo townhouses also down $80,000 month over month.
𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱? Obtain a personalized market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.
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