- 📉 **June 2024 Home Sales Decline in GTA**: Home sales in the Greater Toronto Area (GTA) saw a notable decline in June 2024, with a 16.4% drop compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). A total of 6,213 homes were sold through TRREB’s MLS® System, down from 7,429 sales in June 2023. Despite the Bank of Canada cutting interest rates at the beginning of June, many potential buyers chose to postpone their purchase decisions. TRREB President Jennifer Pearce highlighted that the rate cut provided initial relief but suggested that more significant rate cuts might be needed to stimulate the market.

- 🏡 **Market Supply and Prices**: The market remained well-supplied, which, along with buyer hesitation, led to a slight decrease in the average selling price. The average selling price in June 2024 was $1,162,167, a 1.6% drop from $1,181,002 in June 2023. The MLS® Home Price Index (HPI) Composite benchmark also declined by 4.6% year-over-year. However, on a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price saw increases compared to May 2024, indicating some resilience in the market.

- 🕒 **Average Days on Market**: Homes in the GTA spent an average of 20 days on the market in June 2024, reflecting a balanced market where neither buyers nor sellers had a distinct advantage. 

- 🏠 **New Listings**: New listings in June 2024 were up by 12.3% year-over-year, with 17,964 new properties entering the MLS® System. TRREB Chief Market Analyst Jason Mercer noted that the well-supplied market has given recent home buyers substantial choice and negotiating power on price. He added that as sales pick up with potentially lower borrowing costs in the future, the elevated inventory levels will help prevent a rapid increase in selling prices.

- 📈 **Long-term Demand**: TRREB CEO John DiMichele emphasized that despite the temporary dip in home sales due to high interest rates, the long-term demand for ownership and rental housing remains strong, driven by robust population growth. He pointed out that Ontario has set an ambitious goal of adding 1.5 million homes by 2031. Achieving this goal will require coordinated efforts from all levels of government to ensure actionable solutions, such as reducing red tape, avoiding financial barriers to home construction, and minimizing housing taxes and development charges.