Courtesy of Adam DiNunzio

Toronto July Market Report

$1,648,021 detached UP 0.4% year-to-year

$748,330 condo/apartment DOWN 0.7% year-to-year

$835,161 condo/townhouse DOWN 13.9% year-to-year

6,074 NEW LISTINGS 1,987 SOLD LISTINGS

AVERAGE SALE PRICES

detached 1,462

369 condo/town.

3.6 MONTHS OF INVENTORY

37.7% SALES TO NEW LISTING RATIO

24 DAYS ON MARKET

9,421 ACTIVE LISTINGS (residential inventory)

GTA REALTORS ® , August 6, 2024 – Home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023. “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.

GTA REALTORS ® reported 5,391 home sales through TRREB’s MLS ® System in July 2024 New listings entered into the MLS ® System amounted to 16,296. The average selling price of $1,106,617 was down by 0.9 per cent over the July 2023. “As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. 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,” said TRREB Chief Market Analyst Jason Mercer. Statistics reflect market activity in July 2024 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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