Toronto condo prices fell 9 per cent year over year in June as home sales picked up

“I think we are starting to see more sales relative to listings in the marketplace, and that’s starting to provide a little bit more support for pricing,” said TRREB chief information officer Jason Mercer.

Moving into the second half of the year, if prices start to get back to where they were in 2025 or even increase a bit, “that’ll see more people move off the sidelines and back into the marketplace,” he added. “Because they won’t be concerned about their investment losing value like you’ve seen over the last couple of years.”

The average home price in the region was $1.06 million in June, which is down almost four per cent from last June, and pretty much flat from May.

Prices fell further for condos over the last year, with a nine per cent decline for condos in the city of Toronto, reaching an average price of $665,760, and an almost 11 per cent decline for condos in the 905, now at $563,874.

Meanwhile, detached home prices in the 416 were flat, with a 0.3 per cent increase in price, and townhouse prices in the city were up 1.5 per cent.

Prices for semi-detached homes in the city of Toronto were also almost flat, down 1.1 per cent, and semi-detached homes in the 905 were down 7 per cent. 

Mercer said this reflects the amount of condos for sale and the “choice” that buyers have in the market. There’s a limited number of detached homes in Toronto available. 

Last spring saw a 25-year low in sales.

Despite the bump in sales this June, last month was the third worst June for sales since 2010, according to historical TRREB data. Sales are also still well below the 10-year-average for June, which is 8,778, Mercer said. 

“We still have a ways to go to get back to what would be a quote-unquote normal year,” he said. 

There is still some “broader economic uncertainty” in the marketplace, such as the ongoing trade discussions with the U.S., he added, which may be scaring some buyers off. 

But on a seasonally adjusted basis (the real estate market is always busier during the spring), June sales were up since May, according to the report, as was the seasonally adjusted average selling price.

“After a slow start in the first quarter, we saw a marked improvement in home sales in the second quarter of this year,” said TRREB president Daniel Steinfeld in a press release accompanying the report.

The region has been experiencing the biggest price correction since the 1990s.

In January, the average price dipped below $1 million but it has been rising slightly ever since, month-to-month. 

Overall prices have dropped about 21 per cent since the peak in February 2022. 

But certain areas have been more impacted than others. In Brampton, for example, average prices have dropped about 34 per cent over that period.