Hello Friends –

I hope you are doing well and finding some time to enjoy these very warm summer days. The Residential real estate market has continued to pick up with prices in the GTA up almost 14% since January of this year.

The demand for housing continues to remain strong, despite higher borrowing costs. Home sales and prices in June did come down slightly compared to May (last month) due to the uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. The persistent lack of inventory has assisted in maintaining price growth and stabilization.

The Toronto Regional Real Estate Board reported 7,481 sales through June 2023, up 16.5 per cent compared to June 2022 with the number of listings down by three per cent over the same period. The year-over-year increase in sales coupled with the decrease in new listings means market conditions were tighter this June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120.

There is still a lag in the development of new housing, the pace in not sufficient to make up for the current lack of supply and to 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 issue. Developers have put their best foot forward when it comes to incentives to attract buyers and investors to purchase their projects. Please never hesitate to contact me with any questions about investing in real estate and growing your real estate portfolio.

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I look forward to connecting with you soon.