'I don't think we are bouncing back': Struggling Toronto housing market could remain fragile through 2025, realtors say
By Shayan Alvi
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Despite a slight month-over-month uptick in home sales in the Greater Toronto Area in June, many in the real estate industry expect that a lack of willing buyers will make for a fragile housing market for the remainder of 2025.
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Data from the Toronto Regional Real Estate Board (TRREB) showed an increase in listings, slightly higher month-over-month sales and lower average prices for June.
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' I don't think we are bouncing back, the pendulum isn't swinging back. We're just kind of in a holding pattern,' said Scott Ingram, a Toronto sales representative with Century 21 Regal Realty Inc. 'No matter how you look at price, whether you take average price or the home price index, those are softer than they were last year.'
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A total of 6,243 homes were sold in June 2025 across the Greater Toronto Area (GTA), marking a 2.4 per cent decrease from last year. New listings rose 7.7 per cent from last year to 19,839.
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The MLS Home Price Index (HPI) composite benchmark fell 5.5 per cent year over year in June, while the average selling price of $1,101,691 was down 5.4 per cent compared with June 2024. On a seasonally adjusted month-over-month basis, both the MLS HPI and average price edged lower from May.
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TRREB president Elechia Barry-Sproule said improved affordability from lower borrowing costs and the high levels of inventory were making home ownership 'a more attainable goal for many households.'
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But some realtors were reluctant to call it a rebound. Daniel Foch, chief real estate officer at Valery Real Estate Inc. in Toronto, said an increase in transactions is what signals a recovery, not necessarily just a drop in price.
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' What realtors see as a form of recovery would be more transactions. More downside on price means more transactions because if prices come down, more buyers can afford to buy those homes,' Foch said.
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However, the recovery has not started, he said, and predicted July and August will be 'slow months' before the market has any chance of picking up in the fall.
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Calgary Herald
5 days ago
- Calgary Herald
'I don't think we are bouncing back': Struggling Toronto housing market could remain fragile through 2025, realtors say
Article content By Shayan Alvi Article content Despite a slight month-over-month uptick in home sales in the Greater Toronto Area in June, many in the real estate industry expect that a lack of willing buyers will make for a fragile housing market for the remainder of 2025. Article content Data from the Toronto Regional Real Estate Board (TRREB) showed an increase in listings, slightly higher month-over-month sales and lower average prices for June. Article content Article content ' I don't think we are bouncing back, the pendulum isn't swinging back. We're just kind of in a holding pattern,' said Scott Ingram, a Toronto sales representative with Century 21 Regal Realty Inc. 'No matter how you look at price, whether you take average price or the home price index, those are softer than they were last year.' Article content A total of 6,243 homes were sold in June 2025 across the Greater Toronto Area (GTA), marking a 2.4 per cent decrease from last year. New listings rose 7.7 per cent from last year to 19,839. Article content The MLS Home Price Index (HPI) composite benchmark fell 5.5 per cent year over year in June, while the average selling price of $1,101,691 was down 5.4 per cent compared with June 2024. On a seasonally adjusted month-over-month basis, both the MLS HPI and average price edged lower from May. Article content Article content TRREB president Elechia Barry-Sproule said improved affordability from lower borrowing costs and the high levels of inventory were making home ownership 'a more attainable goal for many households.' Article content Article content But some realtors were reluctant to call it a rebound. Daniel Foch, chief real estate officer at Valery Real Estate Inc. in Toronto, said an increase in transactions is what signals a recovery, not necessarily just a drop in price. Article content ' What realtors see as a form of recovery would be more transactions. More downside on price means more transactions because if prices come down, more buyers can afford to buy those homes,' Foch said. Article content However, the recovery has not started, he said, and predicted July and August will be 'slow months' before the market has any chance of picking up in the fall.
CTV News
04-07-2025
- CTV News
Real estate expert says it's a ‘great time of entry' for homebuyers in the GTA
The average price of a home in the Greater Toronto Area (GTA) fell more than five per cent in June compared with a year earlier, according to new data released Friday, and conditions favour buyers looking to enter the market, an expert says. 'Housing prices have gone down, which means that they're more affordable of course, so I think (when you look at) the overall environment, it's actually a great time of entry for buyers,' Cailey Heaps, president & CEO of the Heaps Estrin Real Estate Team, told BNN Bloomberg on Friday. The average GTA selling price fell 5.4 per cent year-over-year last month to $1,101,691, according to data from the Toronto Regional Real Estate Board (TRREB). The composite benchmark price, meant to represent a typical home, was down 5.5 per cent. Overall home sales in June were also down compared to a year earlier, TRREB said, however seasonally adjusted home sales were up more than eight per cent from May, as the market 'continued to show signs of recovery.' The sluggishness in the housing market throughout most of the first half of 2025 didn't come as a surprise to Heaps, who said economic and political uncertainty at home and abroad kept many potential buyers on the sidelines. 'The first and second quarters of this year have been marked by so much geopolitical uncertainty that a lot of people took a 'wait-and-see' approach,' she said. 'So, there was still inventory coming to market but there was a lower absorption rate, so of course that's going to push pricing down. So, in short, I was not surprised, but we are starting to see some positive signs in the market.' The board said on Friday that a trade deal with the U.S., as well as further interest rate cuts from the Bank of Canada, would go a long way in aiding the recovery of the Canadian housing market. 'We've been in an environment where there's been so much uncertainty, be it the political situation with the U.S., our own election, and then of course the developments overseas... it's been one issue after another that's caused people to just want to pause and watch the market,' Heaps said. 'So, if we could have a trade agreement in place with the U.S. that provided some certainty, I think that would certainly help with consumer confidence.' Interest rate cuts would also 'fuel the market,' Heaps said. The Bank of Canada has held its overnight interest rate steady at 2.75 per cent for two consecutive decisions, following seven straight cuts from the central bank dating back to June of last year. Heaps noted that despite the need for more cuts eventually, the rate environment remains a declining one. 'We are more affordable than we have been for many years,' she said.
CBC
04-07-2025
- CBC
GTA home sales down year-over-year in June, listings up: real estate board
Social Sharing Greater Toronto Area-home sales ticked 2.4 percent lower in June compared with a year earlier as 6,243 properties changed hands, while new listings rose. The Toronto Regional Real Estate Board (TRREB) said sales were up 8.1 per cent from May on a seasonally adjusted month-over month basis, as the housing market "continued to show signs of recovery." The board said 19,839 new properties were listed in the GTA last month, up 7.7 per cent compared with last year. "With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices," TRREB president Elechia Barry-Sproule said in a news release. "Combined with lower borrowing costs compared to a year ago, home ownership is becoming a more attainable goal for many households in 2025." The average selling price fell 5.4 per cent compared with a year earlier to $1,101,691, and the composite benchmark price, meant to represent the typical home, was down 5.5 per cent year-over-year. WATCH | Home sales, prices down in major Canadian markets, boards say: Home sales slumping in major Canadian markets, real estate boards report 3 hours ago Duration 2:23 Active listings hit 31,603 last month, up 30.8 per cent from June 2024's inventory of 24,169 homes. Like other regions, the GTA experienced a sluggish first half of the year for real estate activity as many would-be buyers were spooked by economic uncertainty associated with Canada's trade war with the U.S. In May, home sales were down about 13 per cent year-over-year after a 23 per cent annual decline in April. "A firm trade deal with the United States accompanied by an end to cross-border sabre rattling would go a long way to alleviating a weakened economy and improving consumer confidence," TRREB chief information officer Jason Mercer said. "On top of this, two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices." The Bank of Canada has held its key policy rate steady for two straight decisions at 2.75 per cent after seven consecutive cuts. In the City of Toronto, there were 2,319 sales last month, a 3.5 per cent increase from June 2024. Throughout the rest of the GTA, home sales fell 5.6 per cent to 3,924. All property types saw fewer overall sales in June compared with a year ago throughout the region. The largest decline was in the townhouse segment, where four per cent fewer properties sold, followed by detached houses with a 2.9 per cent decrease. There were 2.5 per cent fewer condos sold and a 0.7 per cent drop of semi-detached homes that changed hands.
