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<\/p>\nTORONTO, ONTARIO, August 6, 2024 \u2013 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. \u201cIt 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,\u201d said TRREB President Jennifer Pearce. GTA REALTORS\u00ae reported 5,391 home sales through TRREB\u2019s MLS\u00ae System in July 2024 \u2013 a 3.3 per cent increase compared to 5,220 sales reported in July 2023. New listings entered into the MLS\u00ae System amounted to 16,296 \u2013 up by 18.5 per cent year-over-year. On a seasonally adjusted basis, July sales and new listings edged lower compared to June<\/p>\n
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The MLS\u00ae Home Price Index Composite benchmark was down by approximately five per cent on a yearover-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\u00ae HPI Composite and the average selling price were up slightly compared to June 2024. \u201cAs 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,\u201d said TRREB Chief Market Analyst Jason Mercer.<\/p>\n
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“Innovation in new home construction must continue. TRREB applauds Toronto City Council\u2019s decision to consult with the province on adopting single egress stair requirements in the building code for multiresidential 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,\u201d said TRREB CEO John DiMichele.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO, ONTARIO, August 6, 2024 \u2013 Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from …<\/p>\n","protected":false},"author":2,"featured_media":556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"yoast_head":"\n