TRREB: Buyer Activity Increases Slightly in July
August 06 2024 - 4:00AM
Greater Toronto Area (GTA) home sales in July 2024 were up compared
to July 2023. While sales were up from last year, buyers continued
to benefit from more choice in the GTA marketplace, with annual
growth in new listings outstripping that of sales. The
better-supplied market meant that buyers also benefitted from a
slight relief in selling prices on average.
“It was encouraging to see an uptick in July sales relative to
last year. We may be starting to see a positive impact from the two
Bank of Canada rate cuts announced in June and July. Additionally,
the cost of borrowing is anticipated to decline further in the
coming months. Expect sales to accelerate as buyers benefit from
lower monthly mortgage payments,” said TRREB President Jennifer
Pearce.
GTA REALTORS® reported 5,391 home sales through TRREB’s MLS®
System in July 2024 – a 3.3 per cent increase compared to 5,220
sales reported in July 2023. New listings entered into the MLS®
System amounted to 16,296 – up by 18.5 per cent year-over-year. On
a seasonally adjusted basis, July sales and new listings edged
lower compared to June.
The MLS® Home Price Index Composite benchmark was down by
approximately five per cent on a year-over-year basis in July 2024.
The average selling price of $1,106,617 was down by 0.9 per cent
over the July 2023 result of $1,116,950. On a seasonally adjusted
monthly basis, both the MLS® HPI Composite and the average selling
price were up slightly compared to June 2024.
“As more buyers take advantage of more affordable mortgage
payments in the months ahead, they will benefit from the
substantial build-up in inventory. This will initially keep home
prices relatively flat. However, as inventory is absorbed, market
conditions will tighten in the absence of a large-scale increase in
home completions, ultimately leading to a resumption of price
growth,” said TRREB Chief Market Analyst Jason Mercer.
"Innovation in new home construction must continue. TRREB
applauds Toronto City Council’s decision to consult with the
province on adopting single egress stair requirements in the
building code for multi-residential buildings up to four storeys.
This would make it easier to create a variety of multi-family units
large enough for families. Another important part of the housing
formula is connection to public transit. We are very encouraged to
hear that we are closer to an opening date for the Crosstown LRT
and are looking forward to a firm announcement,” said TRREB CEO
John DiMichele.
READ THE FULL REPORT.
Media Inquiries:Maria
Karafilidis, Manager, Public Affairs
maria.karafilidis@trreb.ca 416-443-8139
The Toronto Regional Real Estate Board is
Canada’s largest real estate board with over 72,000 residential and
commercial professionals connecting people, property and
communities.
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