Home Trends from Ed Wang & Christopher Wannamaker

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

GTA REALTORS® Release July Stats

AVG. SALE PRICE Single Family Dwelling $1,425,927

AVG. SALE PRICE Condo/Townhouse $794,761

ACTIVE LISTINGS 23,877

DAYS ON MARKET 24

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. 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. Source: Toronto Regional Real Estate Board | Market values stated are of the average of Toronto and surrounding region. 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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