Toronto Real Estate Market Update
The Toronto market has certainly remained a popular topic of conversation. We experienced a strong Spring market that saw a return of multiple offers and significant price appreciation. The stunning weather in early June saw buyers distracted by wanting to be outdoors on patios, in their gardens and up north enjoying their cottages. That, coupled with the interest rate increase on June 7th, led to an earlier seasonal slowdown than we typically see.
Weathering the Season: A Shift in the Toronto Real Estate Landscape
GTA REALTORS® reported an impressive 16.5% increase in sales compared to last year, with 7,481 transactions recorded in June 2023. However, the number of listings saw a modest three percent decline, tightening market conditions. Yet, the average selling price demonstrated resilience, rising 3.2% to $1,182,120. The MLS® HPI Composite benchmark, providing a comprehensive view of the market, showed a year-over-year decline of only 1.9% – the lowest annual rate of decline in 2023. We’re thrilled to see positive growth in both the seasonally adjusted average price and MLS® HPI Composite benchmark on a monthly basis.
We would describe the current market as stable; we are still selling a significant amount of real estate but we are not seeing as many showings or the same number of offers. As we progress through the summer, we expect that we will continue to see typical seasonal trends that we have come to expect in the Central Toronto market. Yesterday, The Bank of Canada raised its key interest rate to 5%, the highest level in 22 years as a strategic step towards inflation regulation.
A Glimpse at the Figures: Sales and Prices Show Tenacity
In June, GTA REALTORS® reported an impressive 16.5% increase in sales compared to last year, with 7,481 transactions recorded in June 2023. However, the number of listings saw a modest three percent decline, tightening market conditions. The average selling price demonstrated resilience, rising 3.2% to $1,182,120. The MLS® HPI Composite benchmark, providing a comprehensive view of the market, showed a year-over-year decline of only 1.9% – the lowest annual rate of decline in 2023.
The Road Ahead: Anticipating Market Movements
Looking ahead, the strong demand for housing in Toronto is expected to persist, driven by a resilient economy, a tight labour market, and record population growth. However, the upcoming interest rate decision by the Bank of Canada in July and its guidance on inflation and borrowing costs for the remainder of 2023 will influence the trajectory of sales and prices. We will continue to monitor market dynamics, providing you with the most up-to-date insights and advice.
Adapting to the New Normal: A More Nuanced Real Estate Landscape
We remain busy with a number of active MLS and exclusive listings through the central core and some very special recreational properties outside of the city which you will find linked below. The way that we buy and sell real estate has changed since mid-2022; it is more nuanced than we have ever seen. If you are considering a move, it has never been more critical to get the advice of an active and successful agent in your area. We find that the city no longer performs as a whole, rather each neighbourhood is its own micro market. We are always happy to hear from you and would welcome the opportunity to discuss the market and your real estate questions and needs.
Wishing you the very best for an enjoyable summer.
Cailey Heaps & The Heaps Estrin Team
Maxine McCrann is our new artist in residence at The Lobby. Please stop by anytime to see her work, and you are welcome to join us on August 1st for the official opening night. Maxine is an illustrator and multimedia artist known for her bold and colourful depictions of life in Toronto, Detroit, and New York City. Inspired by her passion for community, food, wine, and vibrant experiences, Maxine’s artwork offers poetic interpretations of these elements. Immerse yourself in her captivating work and join us in celebrating Maxine’s passion for all things bold and colourful.
Step into the rich history of Toronto’s Chestnut Park with our in-house heritage expert, Alex Corey. On July 27th, join us at The Lobby by Heaps Estrin, located at 1120 Yonge Street, for an enlightening walking tour of the nearby Rosedale neighbourhood. Alex will guide you through the area, introducing the fascinating stories behind its iconic homes, influential architects, and significant events that have shaped its character. After the tour, we invite you to join us back at The Lobby for a delightful gathering featuring wine, cheese, and engaging conversations. Don’t miss out on this opportunity to uncover the hidden treasures of Chestnut Park.
Join us at The Lobby by Heaps Estrin every Tuesday, Saturday, and Sunday for a sweet escape with our La Glace pop-up event. Indulge in an exquisite experience of artisanal ice cream from La Glace, renowned for its decadent and beautifully crafted flavours. Treat yourself to a delectable selection of ice cream delights. Whether you’re looking for a refreshing treat on a sunny afternoon or a delightful dessert after a long day, our La Glace pop-up is sure to satisfy your cravings.
Join Heaps Estrin as we proudly sponsor the Rosedale BIA’s Movies in the Park event. Every Tuesday night, beginning at sundown, head over to Ramsden Park located at Yonge Street & Crescent for a memorable outdoor movie experience. From now until August 29th, enjoy these movie nights that are perfect for a cozy evening under the stars with friends and family. On August 1st, we are excited to present “Princess Bride” as the featured film of the evening. Gather your loved ones, bring a blanket or lawn chair, and immerse yourself in the enchanting world of this beloved classic. We are proud to support the community and provide an enjoyable experience for all.
Explore the latest insights on the Toronto real estate market with Heaps Estrin. Our comprehensive analysis covers June 2023 real estate trends, GTA REALTORS® sales reports, and the implications of the Bank of Canada’s interest rate on housing demand. Dive deep into Central Toronto’s neighbourhood micro markets and the evolving landscape of buying or selling homes. From guidance on active MLS listings to expert advice on nuanced real estate transactions, we ensure you’re equipped with relevant, up-to-date knowledge. Discover how we make navigating Toronto’s dynamic real estate market a smooth, informed journey. Elevate Your Experience with the Heaps Estrin team.