Home sales in the Greater Toronto Area (GTA) in July were higher than July 2023, with an increase in supply slowing market-wide price growth, according to the monthly report from the Toronto Regional Real Estate Board (TRREB). “It was encouraging to see an uptick in July sales relative to last year,” said TRREB President Jennifer Pearce. “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.” Sales in the GTA, which includes the area codes of 416 and 905, came in at 5,391 homes in July 2024, a 3.3% increase over the 5,220 sales in July 2023. Sales by home type and area code: 416 There were 601 single-family home sales at an average price of $1,648,021; semi-detached home sales reached 171, averaging $1,254,280; townhome sales were 204 units at an average of $970.66, and; 994 condominium/apartment sales, averaging $748,330. 905 Single-family sales reached 1,845 homes, averaging $1,353,581; there were 300 semi-detached home sales at an average of $961,154; townhome sales were 735 units averaging $899,519, and; 488 condominium/apartment sales, averaging $658,340. New listings in the GTA totalled 16,296 in July, up 18.5% from July 2023. On a seasonally adjusted basis, July sales and new listings edged lower compared to June, says TRREB. “As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” said TRREB Chief Market Analyst Jason Mercer. “This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.” "Innovation in new home construction must continue,” said TRREB CEO John DiMichele. “TRREB applauds Toronto City Council’s decision to consult with the province on adopting single egress stair requirements in the building code for multi-residential buildings up to four storeys.” “This would make it easier to create a variety of multi-family units large enough for families. Another important part of the housing formula is connection to public transit. We are very encouraged to hear that we are closer to an opening date for the Crosstown LRT and are looking forward to a firm announcement.”
