GTA housing market sees best July in 4 years: real estate board

Greater Toronto Area-home sales rose 10.9 per cent in July compared with a year earlier as 6,100 properties changed hands, the most activity recorded in the month since 2021.

The Toronto Regional Real Estate Board says sales were up 13 per cent from June on a seasonally adjusted month-over-month basis, as improved affordability driven by lower prices and borrowing costs "is starting to translate into increased home sales."

The average selling price decreased 5.5 per cent compared with a year earlier to $1,051,719, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent year-over-year.

TRREB president Elechia Barry-Sproule says "it's clear that a growing number of households are finding affordable options for home ownership" but cautions that more relief is required to spur the market, "particularly where borrowing costs are concerned."

The board says 17,613 properties were newly listed in the GTA last month, up 5.7 per cent compared with July 2024.

The number of active listings reached 30,215 last month, up 26.2 per cent from last year's inventory of 23,936 homes.

WATCH | June also saw an increase in Greater Toronto housing sales: 

Home sales rose in June while prices held steady: CREA

22 days ago

Duration 2:33

The number of recorded home sales rose 2.8 per cent in June, led 'overwhelmingly' by the Greater Toronto Area, the Canadian Real Estate Association said Tuesday.