July 2024 Greater Toronto Area Market Update

The Greater Toronto Area (GTA) housing market in July 2024 saw an uptick in home sales compared to the same period last year. This increase in sales is a positive sign, potentially reflecting the early benefits of the Bank of Canada’s recent rate cuts in June and July. However, while sales have risen, the market has also seen a surge in new listings, giving buyers more options and slightly easing average selling prices.

TRREB President Jennifer Pearce highlighted the significance of this shift, noting, “The uptick in July sales is encouraging. As borrowing costs are expected to decline further in the coming months, we anticipate an acceleration in sales as buyers take advantage of lower mortgage payments.”

In July 2024, GTA REALTORS? reported 5,391 home sales through TRREB’s MLS? System, marking a 3.3% increase from the 5,220 sales in July 2023. New listings surged by 18.5% year-over-year, with 16,296 new entries into the MLS? System. While sales and listings slightly declined on a seasonally adjusted basis compared to June, the market remains better supplied than last year, offering buyers more choices and opportunities.

The average selling price in July 2024 was $1,106,617, a modest 0.9% decline from July 2023’s average of $1,116,950. However, both the MLS? HPI Composite and the average selling price showed slight increases on a month-to-month basis.

Jason Mercer, TRREB’s Chief Market Analyst, provided insight into what this means for the future, stating, “As buyers benefit from more affordable mortgage payments in the coming months, they’ll find a well-supplied market, keeping prices relatively stable. However, as inventory levels decline, the market will tighten, likely leading to renewed price growth.”

For investors, the current market presents challenges. Many are selling off inventory to reduce their holdings, while new condo investors are finding returns lower than expected amid rising rental vacancies. The market narrative is complex, and the true direction will become clearer in the months ahead.

In summary, the GTA housing market is in a dynamic phase, with opportunities for both buyers and sellers as the market adjusts to new economic conditions. Whether you're looking to buy, sell, or invest, staying informed and ready to act will be key in the coming months.

ABOUT BOSLEY REAL ESTATE LTD., BROKERAGE

Bosley Real Estate Ltd. is a full-service, 4th generation brokerage operating since 1928 with offices serving Toronto, Niagara, Waterloo Region, Southern Georgian Bay, St.Catharines, and Northumberland. With over 250 agents in residential and commercial real estate, the firm has built a reputation on trust, respect, and integrity selling and leasing property throughout Ontario. Bosley Real Estate is also recognized internationally through an exclusive affiliation with Leading Real Estate Companies of the World?. This prestigious partnership connects the brokerage to a global network of 130,000 real estate professionals in 70 countries. Headquartered in Midtown Toronto, President, and Broker of Record, Christan Bosley continues to innovate and maintains the high standard of excellence forged over a century.