Home sales in the Greater Toronto Area in July were up year-over-year. According to the Toronto Regional Real Estate Board (TRREB) there was more choice for buyers, with annual growth in new listings outstripping that of sales.

“We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July,” suggested TRREB President Jennifer Pearce. “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.”

Realtors reported 5,391 home sales last month—a 3.3 per cent increase compared to 5,220 sales reported in July 2023. New listings 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 average selling price of $1,106,617 was down by 0.9 per cent from last July when it was $1,116,950.

“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” said TRREB Chief Market Analyst Jason Mercer. “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.”