Latest news with #ElechiaBarry-Sproule
Hamilton Spectator
05-07-2025
- Business
- Hamilton Spectator
Toronto-area home prices plunge more than 5% in June — the largest year-over-year drop in years
Toronto-area home prices swooned by more than five per cent annually in June — the largest annual price drop the city has seen in more than two years as buyers continue to flex their negotiating power. It's the fifth consecutive year-over-year decline for GTA house prices, with the total decline from the February 2022 peak now sitting at more than 20 per cent. The average selling price fell to $1.101 million in June, a 5.4 per cent year-over-year fall and the largest annual price decline since April 2023, which saw a 7.8 per cent price drop. Detached homes were hit particularly hard, with a 6.5 per cent drop year-over-year. Despite some month-over-month momentum, which saw sales increase slightly in June compared with May, many would-be homebuyers remained on the sidelines due to economic uncertainty, according to the Toronto Regional Real Estate Board's (TRREB) June report. Sales declined slightly by 2.4 per cent annually in June. 'The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices,' TRREB president Elechia Barry-Sproule said in the report. 'Combined with lower borrowing costs compared to a year ago, home ownership is becoming a more attainable goal for many households in 2025.' Historically, April, May or June will have the best month in terms of sales for the year, and this year June fared better than the spring months, said TRREB's chief information officer, Jason Mercer. Interest rates are lower than this time last year and the average price of homes has fallen, offering some relief for buyers, he added. New listings in June amounted to 19,839 — up by 7.7 per cent year-over-year, with the sales-to-new-listings ratio hitting 31 per cent, meaning it's a buyers' market, where buyers have more choice and ability to negotiate better terms. The economic turbulence with the U.S. is impacting consumer confidence, leading to fewer people buying and selling, said Mercer. 'A firm trade deal with the U.S. accompanied by an end to cross-border sabre-rattling would go a long way to alleviating a weakened economy and improving consumer confidence,' he 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.' In April and June, the Bank of Canada held its key interest rate at 2.75 per cent. If the central bank were to drop its rate to 2.25 per cent, it would have a meaningful impact, Mercer said. In Toronto, the 6.5 per cent year-over-year drop in detached home prices was the largest decline, followed by townhomes at 5.3 per cent, condos at 4.3 per cent, and semi-detached homes at 0.4 per cent. Prices for detached homes could have fallen because fewer 'higher-end' or luxury homes sold this year compared with last, Mercer said. For sales, semi-detached homes saw the largest sales increase year-over-year by almost 19 per cent. That's because the 'stock is at a more affordable price point for single-family homes' and for 'first-entry buyers,' he added. The Bank of Canada's next interest rate announcement is July 30, and if it cuts its key interest rate it could provide some momentum heading into the fall market.
Toronto Sun
04-07-2025
- Business
- Toronto Sun
GTA home sales down year-over-year in June, listings up: real estate board
Published Jul 04, 2025 • 1 minute read A "for sale" sign is pictured outside a home in this undated file photo. Photo by TYLER ANDERSON / POSTMEDIA TORONTO — Greater Toronto Area-home sales ticked 2.4 per cent lower in June compared with a year earlier as 6,243 properties changed hands, while new listings rose. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The Toronto Regional Real Estate Board says 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 says 19,839 new properties were listed in the GTA last month, up 7.7 per cent compared with last year. TRREB president Elechia Barry-Sproule says that with more listings available and lower borrowing costs than this time last year, home ownership is becoming more attainable and buyers have been negotiating discounts on asking prices. The average selling price decreased 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. Active listings hit 31,603 last month, up 30.8 per cent from June 2024's inventory of 24,169 homes. World Editorial Cartoons Toronto & GTA Toronto & GTA Toronto Maple Leafs
Global News
04-07-2025
- Business
- Global News
GTA home sales down year-over-year in June, listings up: real estate board
Greater Toronto Area-home sales ticked 2.4 per cent lower in June compared with a year earlier as 6,243 properties changed hands, while new listings rose. The Toronto Regional Real Estate Board says 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.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The board says 19,839 new properties were listed in the GTA last month, up 7.7 per cent compared with last year. TRREB president Elechia Barry-Sproule says that with more listings available and lower borrowing costs than this time last year, home ownership is becoming more attainable and buyers have been negotiating discounts on asking prices. The average selling price decreased 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. Story continues below advertisement Active listings hit 31,603 last month, up 30.8 per cent from June 2024's inventory of 24,169 homes.
Hamilton Spectator
04-07-2025
- Business
- Hamilton Spectator
TRREB: More Interest Rate Cuts and a Trade Deal Would Further Improve Home Sales
TORONTO, July 04, 2025 (GLOBE NEWSWIRE) — Ownership housing affordability continued to improve in June 2025. Average selling prices and borrowing costs remained lower than last year's levels. However, despite some month-over-month momentum, many would-be homebuyers remained on the sidelines due to economic uncertainty. 'The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices. Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025,' said Toronto Regional Real Estate (TRREB) President Elechia Barry-Sproule. Greater Toronto Area (GTA) REALTORS® reported 6,243 home sales through TRREB's MLS® System in June 2025 – down by 2.4 per cent compared to June 2024. New listings entered into the MLS® System amounted to 19,839 – up by 7.7 per cent year-over-year. On a seasonally adjusted basis, June home sales increased month-over-month compared to May 2025. New listings declined compared to May. The monthly increase in sales coupled with the monthly decline in new listings continued the tightening trend experienced during the spring. The MLS® Home Price Index Composite benchmark was down by 5.5 per cent year-over-year in June 2025. The average selling price, at $1,101,691 was down by 5.4 per cent compared to June 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite and average selling price both edged lower compared to May 2025. '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. 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,' said TRREB Chief Information Officer Jason Mercer. 'It is important to highlight that housing is not just impacted by economic and financial issues. Canadian residents, both homeowners and renters alike, are increasingly having to deal with the nightmare of violent home invasions and carjackings,' said TRREB CEO John DiMichele. 'TRREB is encouraged by the recent federal announcement to table a crime bill this Fall introducing stricter bail conditions and sentencing for these disturbing crimes. While this is a good first step by the federal government to strengthen public safety, more is needed, such as working with provinces to increase law enforcement funding and improve capacity and efficiency in the court system,' continued DiMichele. READ THE FULL REPORT Media Inquiries: For all media inquiries, please email media@ . About TRREB: The Toronto Regional Real Estate Board is Canada's largest real estate board, with over 73,000 residential and commercial professionals connecting people, property, and communities. Photos accompanying this announcement are available at:
New Straits Times
07-05-2025
- Business
- New Straits Times
Toronto home sales claw back some recent declines in April
TORONTO: Greater Toronto Area home sales rose in April from March but were down sharply from April last year, as homebuyers weighed trade tensions between Canada and the United States, Toronto Regional Real Estate Board data showed on Tuesday. Seasonally adjusted sales were up 1.8 per cent on a month-over-month basis at 4,267 units, marking a modest recovery after declines of 4.2 per cent in March and 24.3 per cent in February. The average selling price fell 0.7 per cent to C$1,065,687 (US$771,007.81). It was the fifth month in the last six of falling prices. On a year-over-year basis, sales declined 23.3 per cent and the average selling price was down 4.1 per cent. "Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the US," TRREB President Elechia Barry-Sproule said in a statement. "If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied." The Greater Toronto Area includes Toronto, Canada's most populous city, and four surrounding regional municipalities. Canadian Prime Minister Mark Carney, whose Liberal Party won last week's general election, is due to meet US President Donald Trump in Washington on Tuesday. Canada sends about 75 per cent of its exports to the US, including steel, aluminum and autos, which have been hit with hefty US tariffs. Seasonally adjusted new listings fell 0.7 per cent in April from March to 15,214 units. On a year-over-year basis, new listings climbed 8.1 per cent.
