GTA Home Sales Up in July, but Buyers Still Benefit from Increased Choice

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TORONTO, ONTARIO, August 6, 2024 – The Greater Toronto Area (GTA) housing market saw an increase in sales compared to July 2023. While this is positive news, buyers continue to have more options due to a significant rise in new listings. As a result, average selling prices have eased slightly.

TRREB President Jennifer Pearce attributes the sales uptick to recent Bank of Canada interest rate cuts and anticipates further sales growth as borrowing costs decrease. July sales reached 5,391, a 3.3% increase year-over-year, while new listings jumped 18.5% to 16,296. Despite these increases, both sales and new listings dipped on a month-over-month basis.

Average selling prices dropped 0.9% year-over-year to $1,106,617, and the MLS® Home Price Index Composite fell by approximately 5%. However, both measures saw slight increases compared to June on a seasonally adjusted basis.

TRREB Chief Market Analyst Jason Mercer predicts that home prices will remain relatively flat as buyers take advantage of lower mortgage payments and the ample inventory. However, he warns that market conditions could tighten as inventory is absorbed without a substantial increase in new home completions, potentially leading to renewed price growth.

TRREB CEO John DiMichele emphasizes the need for innovation in new home construction and applauds Toronto City Council’s decision to consult on adopting single egress stair requirements for multi-residential buildings up to four storeys. He also highlights the importance of public transit and expresses enthusiasm about the upcoming Crosstown LRT opening.

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