June 2023 Market Update

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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.

However, the MLS® HPI Composite benchmark was still down by 1.9 per cent 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.

GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto.

Toronto & GTA

The number of Home Sales was up 16.5% compared to June 2022.

The number of listings was down by 3% year over year.

The average selling price was up by 3.2%  to $1,182,120.

Caledon

Bolton

Muskoka

Curious about the current state of the real estate market? Here’s a snapshot of the June numbers for the Muskoka region, including Bracebridge, Gravenhurst, Huntsville, Lake of Bays, and Muskoka Lakes:

📉 Residential Sales: The number of sales for non-waterfront properties decreased from 94 in May to 72 in June, but waterfront listings saw a slight increase from 73 in May to 80 in June.

🏢 Condo Sales: The condo sector experienced a decline in sales, with non-waterfront properties dropping from 10 in May to 6 in June. However, waterfront condo sales increased from 5 in May to 8 in June.

📊 Total Residential Listings: The number of new listings declined from 189 in May to 169 in June for non-waterfront properties, and from 224 to 193 for waterfront properties. At the end of June, there were 303 active residential listings for non-waterfront (up from 262 in May) and 431 active residential waterfront listings (up from 388 last month).

⌛ Days on Market: Properties priced competitively continued to sell well, with a median number of 24 days on the market for non-waterfront properties in June (compared to 21 days in May) and 28 days for waterfront properties in June (compared to 17 days in May).

💰 Median Sales Prices in June 2023:

  • Bracebridge: Detached non-waterfront – $685,000, Detached waterfront – $700,000.
  • Gravenhurst: Detached non-waterfront – $639,950, Detached waterfront – $950,000.
  • Huntsville: Detached non-waterfront – $640,000, Detached waterfront – $782,500.
  • Lake of Bays: Detached non-waterfront – $612,000, Detached waterfront – $950,000.
  • Muskoka Lakes: Detached non-waterfront – $867,500, Detached waterfront – $1,475,000.

If you have been following our monthly reports, you may notice a bit of a slowing in the market between May and June. This often occurs as families with school age children or who work with children are wrapping up the school year and preparing for Summer plans. Once the dust settles thoughts of buying a cottage (especially when they are up here on vacation) or moving to up or down size happen so things are settled before the next school year.


Have you been thinking about moving? Do you wonder if now is the right time to buy or sell? Wondering what your home is worth today with the shifting real estate market? Perhaps you’ve been searching for that one of a kind property, but just can’t find it?

We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.

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