The Greater Toronto Area (GTA) housing market saw a sharp uptick in activity last month, with home sales climbing 10.9% year-over-year. A total of 6,100 properties changed hands in July, the highest sales volume for the month since 2021.According to the Toronto Regional Real Estate Board (TRREB), sales also jumped 13% from June on a seasonally adjusted basis. The board attributes the boost to improved affordability, driven by both lower home prices and reduced borrowing costs.
The average selling price in July came in at $1,051,719, down 5.5% from a year ago. Similarly, the composite benchmark price, representing the “typical” home, dropped 5.4% year-over-year.
TRREB president Elechia Barry-Sproule noted that more households are now finding affordable options for homeownership. However, she cautioned that further relief on borrowing costs will be essential to maintain this momentum.
New listings rose to 17,613 in July, a 5.7% increase from last year, while active listings climbed 26.2% to 30,215 homes, providing buyers with more choice in the market.