In June’s Market Report, we said that housing was more plentiful and affordable than during the same period in 2024.
That remains the case now, past the halfway point of 2025.
With more choice and lower borrowing costs, some buyers are securing better prices. However, others remain hesitant to enter the market due to the persistent economic uncertainty prevalent in the GTA and North America.
To explain this further, let’s look at the numbers from June.
GTA
After months of increases, and for the first time since January, the Average Sales Price in the GTA fell. May’s $1,120,879 was followed by $1,101,691 in June (-1.7%). While this particular month-to-month period typically experiences declines, it’s 5.4% lower than June 2024, a significantly larger gap than the year-over-year trends that have previously ranged from -2.2% to -4.2%.
Total Sales
Total Sales dropped from May to June, but only by a single sale (6,244 to 6,243). Similar to the Average Sales Price, Total Sales typically fall from May to June, so a slight decrease is a good sign. Compared to June 2024, sales were 2.4% lower last month (6,397).
New Listings
After a rapid ascent over a few months to 21,819 New Listings in May, June yielded fewer than 20K, at 19,839 (-9.1%). However, last month’s total was 7.7% higher than June 2024 (18,413).
Active Listings
After a record-setting 30,964 Active Listings in May, June saw an improvement of 639 listings, reaching 31,603 (+2.1%). That marks two consecutive months where Active Listings have surpassed 30,000, and last month’s total is also 30.8% higher than June 2024 (24,169).
Toronto
As in the GTA, the Average Sales Price in the 416 also fell, from $1,155,616 to $1,132,709
(-2.0%). Total Sales in the City inched up from 2,315 to 2,319.
For New Listings in the 416, they dropped from 7,888 to 7,053 (-10.6%), after rising by nearly the same percentage from April to May. Conversely, Active Listings continued to grow, increasing marginally from 11,705 in May to 11,736 in June.
The Sales-to-New-Listings Ratios (SNLR) in the City remained at 34.3% and fell from 34.9% to 34.6% in the GTA.
Outlook
With rate cuts still a real possibility in 2025, some buyers may be waiting to take advantage of high inventory. Throw in a Canada-USA trade deal, and the market would become much more appealing to those waiting for more stable and secure conditions for their entry into the market.
Still confused? Let me sort it out for you, as everyone’s situation is unique.
Thinking of moving to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
