The Toronto Regional Real Estate Board (TRREB) has published the sales data for July. With 5,250 home sales reported through the local MLS, transactions were up 7.8% compared to the same period last year.
The average selling price was $1,118,374, representing a year-over-year increase of 4.2%. The MLS Home Price Index (HPI) Composite Benchmark, which helps track inflation in the market, was up 1.3% year-over-year (+0.5% in Toronto); its first increase in nearly a year.
Housing market conditions loosened slightly across the GTA. The 13,712 new listings mark an 11.5% increase from last year. With 15,371 active listings on market, there is a 2.93-month supply heading into August.
The average sale took place in 17 days on market and at 102% of the listing price. Looking at prices by housing type: Detached homes sold for an average of $1,427,257, a year-over-year increase of 4.3% and a month-over-month decrease of 6.8%. The average price for semi-detached homes was $1,101,876 (+2.8%/-9.3%), townhomes sold on average for $956,066 (+5.8% /-2.3), and the average price of condos was $735,171 (+2.1%/-0.6%).
Though sales volume was higher than a year ago, uncertainty around the direction of borrowing costs did influence home sales in July. Over the long-term, the demand for housing ownership remains strong due to record population growth. However, many homebuyers will continue to wait on the sidelines in the short-term until the direction of monetary policy and the economy becomes clearer. The Bank of Canada’s next rate announcement is scheduled for September 6.
If you are planning to to buy or sell real estate, please speak with our team. We are here to help you stay informed. Harvey Kalles Real Estate has been in business since 1957 and we bring a wealth of experience to uncertain real estate markets.