By: Corrie Harding-Keizs

The market looks different, here's why! 

Tags: Real Estate Market, port credit real estate, Mississauga real estate, chk real estate, Toronto real estate 


With the first week of June in the books, the real estate market stats are out and we've reviewed, analyzed and summarized. Here's what you need to know:



The average sale price is $1,108,124 for Toronto and the GTA. This means that the average sale price of a home is up +9.4% (that's up by $104K) in the last 12 months.


Homes were selling on average in 12 days. This means, that from the time a home is listed on MLS, it takes approximately 11 days to accept an offer (closing typically takes 30-90 days). It's important to note, that this is increasing as the market continues to evolve.


The number of homes for sale has balanced out (after 2 long years) to +0.5%. On a year-over-year basis, the number of sales is still down considerably at-38.8%.

Overall, as the market continues to evolve, conditions continue to change. There are many factors contributing to this change over the last few months. With the Bank of Canada raising interest rates by 50 basis points on June 1, this is impacting home buyers in the short term.

How is this impacting? With prices lower on a month-to-month basis, this leaves buyers waiting for the 'bottom' price and gives more serious buyers more negotiating power. This is why homes are taking a little longer to sell right now.

How will the shift impact you? — Many areas in the GTA are impacted differently. 

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Learn More
From 30 percent drops to 12 percent jumps — why some GTA real estate markets are hot while others not - Prices are still going up in wealthier neighbourhoods, as luxury homebuyers are more immune to interest rates, experts say.

Eco-conscious homes are 'the future of housing,' experts say - When it comes to Canadian real estate, much of the focus over the last several months

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening - The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at 1¾% and the deposit rate at 1½%.
Have questions about how this changing market will impact your real estate plans? Let's chat, I am here as a real estate resource to you.

Email, call or text me at (416) 833-5516.