Hello! Here is the June 2024 real estate market update
Mississauga and GTA real estate market experienced less sales in May 2024 than in May 2023.
Number of sales in May 2024 was 21.7%!!! lower than in May 2023.
The average home price was lower by 2.5%! comparing to May of 2023.
Sales were down across the board. The biggest decline in sales (-31.5%!!!) was in 905 area, in semi-detached category.
Please have a look below
Source: Market Watch, TRREB
The average home price was down by 2.5% comparing to May of last year, and in terms of dollars, it was $29,718! lower.
The average home price, comparing to the previous month in terms of dollars went up by only $9,524.
Please have a look below.
Source: Market Watch, TRREB
Summary
- The GTA real estate market was much slower in May 2024 than a year ago.
- The average home price was lower in May 2024 than in May of 2023, but $9,524 higher comparing to April 2024.
- Fixed, posted and discounted, mortgage interest rates remained almost the same.
- The Bank of Canada lowered it's key lending rate by 0.25% so prime rate went down to 6.95%.
- The variable mortgage rate went down to 5.90%.
~ T h i s M o n t h ~
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release May 2024 Stats
TORONTO, ONTARIO, June 5, 2024 – May home sales continued at low levels, especially in comparison to last spring’s short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices.
"Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market," stated Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
Greater Toronto Area REALTORS® reported 7,013 home sales through TRREB’s MLS® System in May 2024 – a 21.7 per cent decline compared to 8,960 sales reported in May 2023. New listings entered into the MLS® System amounted to 18,612 – up by 21.1 per cent year-over-year.
The MLS® Home Price Index Composite benchmark was down by 3.5 per cent on a year-over-year basis in May 2024. The average selling price of $1,165,691 was down by 2.5 per cent over the May 2023 result of $1,195,409. On a seasonally adjusted monthly basis, the average selling price edged up slightly compared to April 2024.
“While interest rates remained high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. We have seen selling prices adjust to mitigate the impact of higher mortgage rates. Affordability is expected to improve further as borrowing costs trend lower. However, as demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases,” said TRREB Chief Market Analyst Jason Mercer.
“In order to have an affordable and livable region over the long term, we need to see a coordinated effort from all levels of government to alleviate our current housing deficit and to provide housing for new population moving forward. On top of this, governments need to ensure the delivery of infrastructure to support our growing population. The economic health and liveability of our region depends on the timely completion of public transit projects including better transparency and clear timelines on the completion of the Eglinton Crosstown LRT,” said TRREB CEO John DiMichele.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
May 2023 - May 2024 Comparison
Average home price was down by $29,718, number of sales was down by 1,947 units, time to sell a home was 8 days longer.
Mississauga & GTA Home Sales
April 2024 - May 2024 Comparison
Average home price was higher by $9,524, number of home sales was lower by 101 units, time to sell was the same.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
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Quote of the Month He who rejects change is the architect of decay. The only human institution which rejects progress is the cementary.. ~ Harold Wilson ~ |
Sales and Average Price Up in Calendar Year 2013
January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential
transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent
compared to 3,582 sales reported in December 2012. New listings entered into the
TorontoMLS system were down by almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by approximately two per cent
compared to 85,496 transactions in calendar year 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half
of 2013. Despite the inclement weather in December, we finished the year with a
respectable gain in transactions compared to 2012. Looking forward, I believe that home
ownership in the GTA will remain affordable as borrowing costs stay low. The result could
be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne
Usher.
“The average selling price will be up again in 2014 and by more than the rate of inflation.
The seller’s market conditions that drove price growth in the second half of 2013 will
remain in place in many parts of the GTA. Some neighbourhoods, especially those
characterized by low-rise home types like singles, semis and townhomes, will continue to
have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent
compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase
of 5.2 per cent compared to the calendar year 2012 average of $497,130.