08/08/2024
According to the latest report by the Toronto Regional Real Estate Board (TRREB), home sales in the GTA climbed by 3.3% this July compared to July 2023. Additionally, buyers benefitted from more options, with new listings up 18.5% and active listings up a whopping 55.4%. As a result, the better-supplied market offered Toronto buyers greater choices and a slight relief in average selling price down to $1,106,617, a decrease of -0.9%.
“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.