Month over month, the average price in June was down 3.7%. But it’s not unusual for the average price to decrease in June. Looking back at the last ten years, the average price in June declined 9 out of 10. The one year that it didn’t drop was 2020. Do you remember 2020? Here’s a hint: covid! With interest rates up and inflation down it has become more difficult to predict the market. Either way, the Toronto market has a mind of its own, less affected by interest rate hikes and economic rhetoric than other markets nationwide. With continued immigration and a supply shortage, I still believe a new all-time high average price will surface in 2023.