The GTA housing market cooled further in July 2023. The average sold price decreased by 5.4% from the previous month, detached and semi-detached homes were impacted most at -6.8% and -9.3%. Despite the downward trend, there was a 7.8% increase in sales volume compared to the previous year, indicating more robust demand this year.
Like the previous year, rising interest rates may have prompted buyers to step back from the market. There were fewer new listings compared to the previous month but more active listings and fewer sales, suggesting a potential shift in market balance towards remaining buyers.