Toronto's Housing Market Hits Reset—Why It’s a Prime Time for Buyers
Let’s talk about Toronto’s real estate market, which has taken a major turn—and for once, the news might actually favour homebuyers. For years, getting into the Toronto housing market felt like chasing a moving train. Prices were sky-high, competition was brutal, and buyers often had to make split-second decisions. But now? Things are shifting, and if you’ve been waiting for a better opportunity, this could very well be it.
According to the Toronto Regional Real Estate Board (TRREB), the average selling price in the GTA dropped by 5.4% in June compared to the same time last year, sitting now at about $1.1 million. The benchmark price, which better reflects a typical home, also fell by 5.5%. And it’s not just prices—sales are down 2.4% year-over-year, while inventory has exploded by over 30%. Homes are sitting on the market longer, giving buyers more negotiating power and choice.
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Real estate experts like Cailey Heaps, President and CEO of Heaps Estrin Team, are calling this a “great time of entry” for buyers. With more inventory and less urgency in the market, buyers aren’t being forced to overpay or rush into deals. She pointed out that geopolitical tension, rising crime concerns, and economic uncertainty had a chilling effect earlier this year, but we’re starting to see some signs of stabilization.
Seasonally adjusted, home sales actually climbed over 8% from May to June. That’s a promising signal. There’s optimism that with interest rates holding steady at 2.75%—following a long stretch of cuts—and potential for further rate reductions, affordability could improve even more. Lower borrowing costs mean smaller monthly payments, which could help more families finally get into the market.
Experts also emphasize the importance of a strong trade deal with the U.S. to rebuild economic confidence. This, combined with interest rate relief, could help lift the real estate market out of its current slump. But for now, if you’re a buyer with financing in place and a long-term view, this market could be your best shot in years.
So yes, Toronto’s housing market has cooled. And while sellers may find it challenging, for buyers it’s a window of opportunity—maybe even one that we’ll look back on as a turning point.
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