GTA Home Sales Climb in July: Best Numbers Since 2021! 📈🏡
The Greater Toronto Area real estate market just recorded its strongest July performance since 2021 — a clear sign that buyers are finding their footing again. With 6,100 homes sold last month (a jump of nearly 11% over July 2024), it’s safe to say the market is regaining momentum.
Not only are sales up, but they’re also outpacing new listings — a subtle but important sign of tightening conditions. Simply put: more buyers are jumping into the market, even as inventory growth slows. It’s creating a more competitive environment, especially in affordable segments.
What’s behind this shift? Improved affordability. With prices and borrowing costs coming down from their peaks, more households are seeing opportunities for ownership. Yes, more interest rate relief is still needed — but it’s clear that pent-up demand is beginning to surface.
Here's a quick snapshot of the numbers:
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Sales: Up 10.9% year-over-year
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New Listings: Up 5.7% year-over-year
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Average Price: $1,051,719 (down 5.5% from July 2024)
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MLS® Home Price Index: Down 5.4% year-over-year, but holding steady month-to-month
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We’re also seeing movement on the policy side. While many think Canada’s foreign buyer ban is a blanket restriction, that’s not entirely true. There are several key exemptions, particularly for multi-unit buildings (4+ units), vacant land, and recreational properties — all of which continue to bring investment and economic benefits into regional markets.
As economic uncertainty continues — especially with trade tensions in the spotlight — housing remains a powerful tool to drive growth. Every home sale generates local spending, jobs, and economic activity. That’s why measures like further interest rate cuts could be a game changer not just for buyers, but for the economy at large.
Thinking about buying or selling? Let’s talk about what these changes mean for your goals.
– Michael Kelly
📲 647-408-5226
💻 michaelkellyhomes.com
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