RARE’s Economic Research Department meticulously examines TREB’s monthly data releases, distilling them into an easily digestible and insightful format within our market report.
Toronto’s housing market continues to shift in unexpected ways. Subtle changes in supply, prices, and economic pressure points are starting to tell a deeper story. Is this a turning point—or just more of the same?
Toronto’s housing market remained sluggish in June, with sales showing minimal change and staying well below longterm norms. New listings dipped slightly but stayed near historic highs, while inventory rose. Benchmark and average prices declined further, remaining well below peak levels. New housing starts and completions were strong, but new home sales remained near record lows. May rental data showed continued softness despite a slight rent increase. Economic signals were mixed: mortgage rates held steady, affordability improved slightly, arrears stayed high in Ontario, and unemployment continued to rise across all levels.
Toronto Metro sales edged down to 6,243 in June, but increased by 8% after seasonal adjustment. Despite the gain, it remained one of the weakest June sales levels on record, nearly repeating the low reached in June 2024. Sales showed no change month-over-month or year-over-year and remained 26% below the 10-year average. Sales activity typically begins to slow from May through January
New listings declined in June to 19,839, down 9% month-over-month, yet still 10% higher year-over-year and 16% above the 10-year average. This marked the highest number of new listings recorded in June since at least 2006. New listings typically begin to slow down after May.