What’s Going on with Home Sales in Ontario?

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With sales prices declining for the month of June, lots of people may be wondering if the decline is going to increase or not. “The average price of a re-sale home was down in the first part of June to $808,847 — about $57,000 less than May’s average, according to mid-month figures from the Toronto Real Estate Board (TREB)”.  The area that saw the biggest decline were the 905-area and with detached homes. June is typically slow on sales and this was decline was expected by many of us. However, with the market being the way it is right now, one thing that is certain is that sellers are serious about selling their homes, and are not just listing to get involved in the heated frenzy that existed in the previous months.



“What we’re going to see is people who are serious and want to sell their house, they’re going to stay on the market and they’re still going to make more money than they would have last year.” This gives the advantage to buyers who are now dealing with serious sellers. With the market already experiencing cooling down before the government introduced the foreign buyers tax, the decline was expected, and is “less troubling than the months-long double-digit increases of earlier in the year”. Overall, “places that have seen rapid, steep price rises and higher rates of speculation are at greatest risk”. Buyers should be focused on the right markets, and staying away from areas that see high amounts of fluctuations in price.




Taken from an article written by Tess Kalinowski from The Star.

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