Toronto And Vancouver Home Sales Slow In June

Home sales in the Greater Toronto Area (GTA) fell 7% from May in a sign that activity in Canada’s biggest housing market is now starting to cool off.

There were 11,106 property sales last month across the GTA, according to data released by the Toronto Regional Real Estate Board (TRREB). While that represents a 28.5% increase compared to a year earlier, it's a 7% decline from May and a sharp comedown from the peak reached in March this year when more than 15,000 homes were sold.

The average price for all homes sold across the GTA in June was $1,089,536, which represented a 17% rise compared to a year earlier, although it was a modest drop from May when a new record of more than $1.1 million was set.

Sales and prices fell sequentially across all the major home types tracked by TRREB other than in the condo market, where modest month-over-month gains were registered.

Despite the slowdown in June, TRREB nudged up its sales outlook for this year after taking first-quarter activity into account. The new forecast is for 115,000 transactions compared to its prior forecast of 105,000. It also boosted its average price estimate for the year to $1,070,000.

Vancouver Sales Fall 11.9% In June From May

The total number of homes sold in the Metro Vancouver area during June was 3,762, down 11.9% from May, according to the Real Estate Board of Greater Vancouver (REBGV).

But while sales dropped month-over-month, June's total sales were still up 54% from the same period of 2020 and were 18.4% above the 10-year June sales average.

Prices have also increased in the past year. The benchmark price for all residential properties in the Metro Vancouver area in June was $1.175 million, a 14.5% increase from last June.

Sales of detached homes rose 45.7%, with a benchmark price of $1.8 million that was 22% higher than June of last year, but virtually unchanged from May. New listings increased 1.1% year-over-year, but that marked an 18% decrease from May.