JUNE 2024 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET
Posted by Dan Plowman on
Welcome back to our detailed real estate market update for June 2024 in the Greater Toronto Area (GTA) and Durham Region. This month has seen some notable developments reflecting broader economic sentiments and potential shifts in the mortgage landscape.
GTA Market Insights:
Sales Activity: June 2024 saw a continued reduction in home sales across the GTA. According to the Toronto Regional Real Estate Board (TRREB), 6,213 home sales were reported through the MLS® System, marking a 16.4% decline compared to the 7,429 sales in June 2023. Despite the Bank of Canada's rate cut at the beginning of the month, many buyers chose to hold off on their purchasing decisions.
Home Prices: The MLS® Home Price Index (HPI) Composite benchmark experienced a 4.6%…
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