There were more home sales in the GTA in July 2024 compared to July 2023 yet sales dropped by 13.2% from the previous month. Average home prices were close to last year and down 4.8% from last month.
New listings tapered a bit and active listings continued to be up 1.1% from last month. There was still a 55.4% increase of active listings from last year. Detached homes seemed to hold up value over the last year, while others dipped slightly.
Buyers were able to benefit from better pricing because of more choice and slight improvements to costs of borrowing. Further slowing of active listings and housing completions could lead to tightening of the market for buyers in the months ahead.