Tuesday, June 18, 2024
HomeCANADAGTA July Home Sales Up 7.8%, Average Selling Price Reaches $1.118 Million,...

GTA July Home Sales Up 7.8%, Average Selling Price Reaches $1.118 Million, Up 4.2% From July 2022: TRREB

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market
experienced more balance in July compared to June, with sales trending lower while new listings were
up.
“Home sales continued to be above last year’s levels in July, which suggests that many households have
adjusted to higher borrowing costs. With that being said, it does appear that the sales momentum that
we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate
tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings
for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB)
President Paul Baron.
GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a
7.8 per cent increase compared to July 2022. Over the same period, new listings were also up, but by a
greater annual rate of 11.5 per cent. The MLS® Home Price Index Composite benchmark was up by 1.3
per cent year-over-year. The average selling price was also up by 4.2 per cent to $1,118,374 over the
same timeframe.
On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.
“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted
home sales over the last two months. Over the long term, the demand for ownership housing will remain
strong on the back of record population growth. However, many homebuyers will continue to be on the
sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said
TRREB Chief Market Analyst Jason Mercer.
“We continue to suffer from a misalignment in public policy as it relates to housing. The federal
government is targeting record levels of immigration for the foreseeable future, but we have seen very
little tangible progress in creating more ownership and rental housing to accommodate this growth.
Population growth is imperative for economic development; however, this growth will be unsustainable if
people can’t find an affordable place to live. All three levels of government need to be on the same page
to fix this problem,” said TRREB CEO John DiMichele.

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