Toronto Real estate

Jane de Pencier

— Broker

June

THE DOLDRUMS

As we drew towards the doldrums, so much dreaded by navigators in ancient times, the winds proper to both hemispheres dropped away; we were entering the zone where sails hang idle for weeks on end. So still is the air that one would think oneself in an enclosed space rather than in the middle of the ocean.

Triste Tropiques, Claude Levis Strauss

Typically in Summer real estate is slower than the rest of of the year. There is usually a surge in leases as people switch cycles.

Today, there is a curious juxtaposition in the statistics. In the Toronto market in June, new listings were up 12.3% while sales were down 16.4%. Selling prices were off by 1.6% but that statistic included small investor condos – where prices are sinking. When listings increase usually we see downward pressure on prices. Even with total listings up by 67.4% prices are not crumbling. Days on market have surged up 42.9% from June 2023. In real terms what does that mean? 14 days to 20. That’s not such a big deal.

Buyers are waiting for interest rates to drop significantly, for listings to increase and for Sellers to face urgency. Sellers are waiting for Buyers to become enthusiastic again.

The two winds are silent. See the stats for June and July below.

 

Whether it’s a good time for you to buy or sell is unique to your circumstance.
Call 416-925-9191 to talk or…janedepencier@chestnutpark.com

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