Here are you 6 Takeaways From The May 2024 Market Stats & The BoC Announcement on Jun 5th:

1. THE MAY 2024 MARKET EXPERIENCED CONTINUED SOFTNESS DURING THE PRIME SPRING SEASON (ESPECIALLY IN THE CONDO SECTOR)

2. IMPROVED BUYER CONFIDENCE SHOULD MATERIALIZE AFTER THE FIRST RATE CUT (JUN 5TH), BUT AFFORDABILITY WILL CONTINUE TO ACT AS A RESTRAINT ON SALES ACTIVITY AS PRICES AND INTEREST RATES REMAIN ELEVATED.

3. SUPPLY IS CURRENTLY OUTSTRIPPING DEMAND, ALTHOUGH MARKET CONDITIONS ARE STILL BALANCED AND SUPPORTING PRICES.

4. ACTIVE LISTINGS ARE AT NORMAL LEVELS FOR LOW-RISE HOMES, BUT INVENTORY IS ACCUMULATING QUICKLY FOR CONDOS AS COMPLETIONS REACH RECORD HIGHS.

5. LACK OF DEMAND FOR PRE-CONSTRUCTION CONDOS IS CAUSING A STEEP DROP-OFF IN NEW LAUNCH ACTIVITY, RESULTING IN LOWER CONSTRUCTION VOLUMES THAT WILL FEED INTO LOWER COMPLETIONS IN A FEW YEARS. WITH THE NUMBER OF PEOPLE PURING INTO THE GTA, THIS WILL PUT UPWARD PRRESSURE ON PRICES OF EXISTING INVENTORY.

6. THE RENTAL MARKET IS EXPERIENCING A TEMPORARY SLOWDOWN FOLLOWING RECORD-BREAKING GROWTH OVER THE PAST 2 YEARS.

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