June 2024 416 Resale Toronto Condo Stats

June 2024 416 Resale Toronto Condo Stats

Above is the first page of TRREB June Market Watch.

As you can see 416 condos have sold 1014 units at an average price of $763148.

Above is how I track the same stats on a ten year track.

As you can see 1014 is the lowest amount of units sold in ten years. Also, you can see the June price movement is statistically flat since June 2022 and marginally up since June 2021.

This compiled with the amount of available inventory means we are in a Buyer's Market for 416 Resale Toronto Condos.

Also at the same time, mortgage interest rates are on a downward trend and will continue to drop but slowly.

There are many pressures on the market right now, power of sales, estate sales and an overstock of assignment inventory.

This is all good news for buyers...or at least better news than in past years.

Buyers who want to live in their units should avoid tenanted properties as vacant possession is not guaranteed with today's Landlord and Tenant Laws.

Sellers need to price their units to sell but many will find little, if any price growth.

If you bought a pre-construction in 2018 at 2022 prices you likely have not seen price growth since.

The best thing a buyer can do right now is choose an agent who will work hard for them, bargain in such a way not seen in many many years, who will provide them with accurate information before writing any offers and have a strategy before going in.

Also, be willing to walk away and find a new unit if the seller is being unreasonable.

Good luck and contact me if you are looking for such an agent and are not currently represented under an agency contract.

Sincerely,

Brian Matthews

Realtor, Re/Max Realtron TPS Realty Inc., Brokerage.