In July 2024, home sales saw an uptick compared to July 2023, providing promising opportunities for buyers and sellers alike. With a more abundant selection of properties, buyers enjoyed a slight relief in selling prices on average. This dynamic shift is a testament to the evolving market conditions.

July 2024 recorded 5,391 home sales, marking a 3.3% increase from the 5,220 sales in July 2023. New listings surged to 16,296, reflecting an 18.5% year-over-year growth. While seasonally adjusted figures indicated a slight dip in sales and listings compared to June, the overall trend remains positive.

The average selling price in July 2024 stood at $1,106,617, a modest 0.9% decrease from July 2023’s $1,116,950. On a seasonally adjusted monthly basis, however, the average selling price saw a slight increase from June 2024.

The July sales uptick is likely influenced by the two recent Bank of Canada rate cuts in June and July, which have started to alleviate borrowing costs. As borrowing becomes more affordable in the coming months, we can anticipate an acceleration in sales driven by lower mortgage payments.

As buyers seize the opportunity for more affordable mortgage payments, the substantial build-up in inventory will initially keep home prices stable. Over time, as inventory is absorbed and market conditions tighten without a significant increase in home completions, we can expect a resumption of price growth.

Innovation in home construction is critical. The Toronto Regional Real Estate Board commends Toronto City Council’s initiative to consult with the province on adopting single egress stair requirements for multi-residential buildings up to four storeys. This change would facilitate the creation of diverse multi-family units suitable for families. Additionally, the impending opening of the Crosstown LRT promises enhanced connectivity, further boosting the appeal of GTA real estate.

Feel free to contact me to explore how these trends might impact your real estate ventures. Let's navigate this exciting market together!

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