Market Commentary June 2023
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Despite another interest rate increase in June the average price of detached homes in the Greater Hamilton Area is holding steady at $921,496, a 2 per cent decrease from the same time last year. Inventory levels still remain low however, with more than 20 per cent fewer listings than last June and almost 30 per cent fewer listings of luxury homes $2m or more. Limited supply choices are contributing to slower sales so far this year although last month we saw a slight increase in new listings which caused market conditions to ease slightly compared to the previous three months. Some predict that more homes will come onto the market in the upcoming month as some buyers pause to reevaluate affordability due to higher interest rates. Read the full report RAHB Report.
You can't buy what is not available.
Is the sentiment from Toronto Regional Real Estate Board (TRREB) President Paul Baron. Home sales were down due to low inventory, higher borrowing costs and the uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Despite this the demand for ownership housing is stronger than last year in the GTA. The average selling price for detached homes in Toronto was up by 2.6 per cent to $1,785,128. Read the full report here TRREB Report.
