Real Estate Market Update - July 2024

The Greater Toronto Area real estate market continues to tread through the summer market, with sales and average prices edging lower compared to last month. The number of sales continue to decline across all GTA markets while new listings continue to climb. As a result, buyers have been benefiting from more choice and greater negotiating power in this summer market. 

In certain aspects, the real estate market has started showing signs of bouncing back. On a year-over-year basis, sales are up 3.3%. The uptick in July sales compared to last year is likely thanks to the last two interest rate cuts. More buyers have begun to re-enter the market after seeing a total 0.5% reduction in interest rates since June. However, experts predict that more rate reductions will be needed in order to see a more significant and lasting change in the real estate market.

Due to the currently high supply of listings, average prices are 0.9% lower compared to the same time last year. On a month-over-month basis, average prices are also down slightly across the GTA. New listings are up 18.5% - a substantial difference compared to last year. More available inventory has also caused the average days on market to climb. Average days on market in the 905 now sit between 30 to 60 days, with the average in Toronto being 37 days.   

Reach out to me to see how you can benefit from the current market conditions, or plan ahead to reach your real estate goals!

To see how prices have been affected in your area, please click the link below to get access to TRREB's July Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.

If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below.