June Real Estate Update

Although we are only into the first two weeks of June, a close eye has been kept on the real estate market in Toronto. House sales are still dropping and new listings are still hitting the market.

Realosophy has found that home sales (detached, semi-detached, and towns) across the region were down 44 per cent last week compared to the previous week.

With our market being so volatile, John Pasalis, Realosophy President, has been tracking weekly sales. To compare, the Toronto Real Estate Board (TREB) only tracks statistics on a monthly basis. Pasalis is noticing a downward trend week after week.

John has found that:

• York Region is showing a 60 per cent decline
• Condo sales have dropped for the 5th week by 22 per cent; 11 per cent increase in listings