July GTA Market Watch

In July 2024, the Greater Toronto Area (GTA) housing market saw an uptick in home sales compared to the previous year, providing some optimism for both buyers and sellers. According to the Toronto Regional Real Estate Board (TRREB), home sales increased by 3.3% year-over-year, with 5,391 homes sold through TRREB's MLS® system.

While the number of sales increased, buyers still benefited from an increase in housing options, as new listings surged by 18.5%, outpacing the growth in sales. This better-supplied market helped relieve pressure on selling prices, with the average home price slightly lower than last year, down 0.9% to $1,106,617.

The two Bank of Canada rate cuts in June and July are expected to make mortgages more affordable in the months ahead, potentially spurring further buyer activity. TRREB President Jennifer Pearce noted, "We may be starting to see a positive impact from the rate cuts, and as borrowing costs continue to decline, we expect sales to accelerate."

Despite the increase in inventory, prices have remained relatively stable, though TRREB analysts expect price growth to resume as the inventory is gradually absorbed.

The real estate board also highlighted the importance of innovation in housing, particularly in multi-family developments. TRREB is optimistic about new measures aimed at increasing housing density and accessibility, such as the upcoming Crosstown LRT transit project, which will further enhance connectivity in the GTA.

Stay informed about GTA housing trends and make your move while opportunities remain favorable for buyers.