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One Minute Market Update: May - June 2024

Key Takeaways: 

  • The amount of homes available for sale continued to go up. 

  • Prices remained relatively flat.

  • Simply put, Detached and Semi-Detached freehold homes are in a sellers market and condos are leaning into a buyers market. 

  • Sales activity was very slow as many buyers were “waiting to see whats going to happen with interest rates”

  • The Bank Of Canada lowered interest rates .25% which will save variable rate holders about $10-15 less per $100,000 of their mortgage. (June will be a good test to see how people actually react to this)

  • Running numbers after the first week of June, Toronto Freehold homes are up at 2.5 Months Of Inventory (Sellers Market) and Toronto Condos are up at 4.9 Months Of Inventory (Balanced Market).

Data below. 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.