Here is your August Real Estate Market Update For The GTA

The Toronto Regional Real Estate Board (TRREB) has released its housing figures for July. There were 5,391 home sales reported on TREB, transactions were up 3.3% compared to the same time last year. This represents the first year-over-year increase in sales activity since February.

Sales were higher this year compared to last, but buyers still had more options in the GTA market as the number of new listings outpaced sales. There were 16,296 new listings in July, an 18.5% increase from last year, and active listings rose by 55.4% year-over-year to 23,877. This has brought the housing inventory to 4.4 months.

The increase in inventory contributed to a drop in prices compared to last year. The average selling price was $1,106,617, down 0.9% from 2023. The MLS Home Price Index (HPI) Composite Benchmark, which tracks market inflation, fell 4.96% year-over-year (-4.23% in Toronto).

In July, homes took an average of 24 days to sell, with final prices averaging 99% of the listing price. About 70.71% of all sales were for properties priced between $600,000 and $1,500,000. Homes over $2,000,000 made up 6.53% of the sales, down from 8.14% in June.

Looking at prices by housing type: Detached homes sold for an average of $1,425,927, down 0.1% from last July and 3.7% from the previous month. Semi-detached homes averaged $1,067,576 (-3.3% year-over-year and -3.2% month-over-month), townhomes sold for $914,975 on average (-3.4%/-2.8%), and condos averaged $718,698 (-2.2%/-1.3%).

As we reach the middle of summer, buyers are seeing more homes on the market and a slight drop in prices. With a second interest rate cut in July and more reductions likely on the way, we can expect sales to pick up as buyers take advantage of lower monthly mortgage payments.

If you're looking to sell, invest or lease in the GTA, then make sure you contact Michael Kelly today for all of your real estate needs!