Have you been enjoying the summer so far? We had a fantastic long weekend this month and another one to look forward to in August. I've been loving spending time with my family and children and enjoying the warm summer days. Please let me know how your holidays have been!
Here is a brief look at the June Toronto real estate market as reported by the Toronto Real Estate Board:
Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 percent compared to June 2022. The number of listings was down by three percent over the same period.
The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 percent to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9 percent on a year-over-year basis - the lowest annual rate of decline in 2023. On a month-over-month basis, the seasonally adjusted average price and MLS® HPI Composite benchmark were up.
“A resilient economy, tight labor market, and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.
You can find an overview of the stats below.
Recipes:
The recipe this month is a classic with a little twist - but you may want to keep them away from your little ones, as they do have some caffeine. Be sure to check out the neighbourhood spotlight this month - it's a great summer hangout!
Brown Butter Chocolate Chunk Coffee Cookies
These Brown Butter Chocolate Chunk Coffee Cookies combine an irresistible blend of flavours and textures. The nutty richness of the brown butter pairs perfectly with the deep, bittersweet notes of dark chocolate. The subtle hint of brewed coffee adds a delightful depth to each bite. The cookies are soft and chewy on the inside, with crispy edges, creating a satisfying contrast.
