“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines.”had forecasted they would. According to new figures from the Toronto Regional Real Estate Board , there were just 6,213 home sales through the MLS® System in June 2024, a figure that is 16.4% below the June 2023 level of 7,429 sales.
Speaking to the overall sales figures, TRREB said on Thursday that “many buyers kept their home purchase decisions on hold.” When the next cuts are coming remains to be seen. Statistics Canada’s latest Consumer Price Index reading showed aAccording to Pearce, recent Ipsos polling for TRREB has suggested that “cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount.”
Meanwhile, the MLS® Home Price Index Composite benchmark slipped 4.6% in the month, compared to the prior June, while the average selling price — at $1,162,167 — ended the month 1.6% below it’s year-ago level of $1,181,002. That said, both the MLS® HPI Composite and the average selling price managed month-over-month rises when adjusted for seasonal effects.