The Toronto Regional Real Estate Board (TRREB) has published the sales data for July. With 5,250 home sales reported through the local MLS, transactions were up 7.8% compared to the same period last year.
The average selling price was $1,118,374, representing a year-over-year increase of 4.2%. The MLS Home Price Index (HPI) Composite Benchmark, which helps track inflation in the market, was up 1.3% year-over-year (+0.5% in Toronto); its first increase in nearly a year.
Thinking about selling your West Toronto or Etobicoke home? Consider these blog posts.
Housing market conditions loosened slightly across the GTA. The 13,712 new listings mark an 11.5% increase from last year. With 15,371 active listings on market, there is a 2.93-month supply heading into August.
The average sale took place in 17 days on market and at 102% of the listing price. Looking at prices by housing type: Detached homes sold for an average of $1,427,257, a year-over-year increase of 4.3% and a month-over-month decrease of 6.8%. The average price for semi-detached homes was $1,101,876 (+2.8%/-9.3%), townhomes sold on average for $956,066 (+5.8% /-2.3), and the average price of condos was $735,171 (+2.1%/-0.6%).
Considering a home purchase? Explore these links from our blog.
- Our Current Listings
- A Guide to Canada’s First Home Savings Account
- How to Find the Right Mortgage Lender
Though sales volume was higher than a year ago, uncertainty around the direction of borrowing costs did influence home sales in July. Over the long-term, the demand for housing ownership remains strong due to record population growth. However, many homebuyers will continue to wait on the sidelines in the short-term until the direction of monetary policy and the economy becomes clearer. The Bank of Canada’s next rate announcement is scheduled for September 6.
If you are planning to buy or sell real estate, please speak with our team. We are here to help you stay informed. Christensen Real Estate Group has been in business for over four decades and we bring a wealth of experience to uncertain real estate markets.
For over 40 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs. Email us at info@christensengroup.ca or call at 416-722-4723.
