Sales of homes in the Greater Toronto Area (GTA) experienced a decline in June 2024, according to a report from Investing.com Canada [98bed19a]. In the GTA, home sales fell by 16.4% compared to the previous year, with a total of 6,213 homes sold. The average selling price in the Greater Toronto Area also decreased by 1.6% to $1.16 million. However, the number of homes listed for sale in the GTA increased by 12.3% in June [98bed19a].
Additionally, a new report from Urbanation Inc. reveals that condo rents in the Greater Toronto and Hamilton area have dipped for the first time in three years [faad62ec]. Average condo rents on new leases in the second quarter were down 1.2% compared to last year, with rent averaging $3.97 per square foot. The decline is attributed to a spike in condo completions, although the trend is not expected to last as new condo sales and starts have dropped off substantially [faad62ec].
In Vancouver, home sales declined by 19.1% year-over-year, with a total of 2,418 homes sold. On the other hand, the number of homes listed for sale in Vancouver rose by 42% to 14,182. The average price of a home sold in Metro Vancouver increased by 0.4% to $1.2 million [98bed19a].
These declines in home sales indicate a cooling in the housing markets of both Toronto and Vancouver. The increase in the number of homes listed for sale suggests a potential increase in supply, which could further impact prices in the coming months [98bed19a].
Rents for purpose-built rental apartments completed since 2000 rose 2.2% from last year to an average of $4.08 per square foot. Vacancies for purpose-built rental apartments increased from 1.6% in Q2 2022 to 2.7% in the last quarter, while rental apartment construction starts were up 43% from last year [faad62ec].