As we navigate the dynamic landscape of the GTA real estate market, July 2024 brings a mix of both challenges and opportunities. The Toronto Regional Real Estate Board (TRREB) reports that home sales in July increased by +3.3% compared to the same time last year, with a total of 5,391 homes sold. This uptick, while modest, signals a potential positive impact from the recent interest rate cuts by the Bank of Canada, offering a glimmer of relief for buyers feeling the squeeze of borrowing costs.
Despite the year-over-year sales growth, the month-over-month figures tell a different story, with sales dipping slightly by -1.7% on a seasonally adjusted basis. However, new listings surged, rising by +18.5% from last year to 16,296. This increase in inventory has introduced more choice for buyers, exerting downward pressure on prices, which slipped by nearly -1% year-over-year to an average of $1.106 million.
While detached homes in the GTA still hold a strong average price of $1,425,927, and condos sit at $718,698, it’s clear that the market is currently favouring buyers. The significant growth in new listings combined with the drop in average prices across all property types, especially townhomes and semi-detached homes, suggests a more balanced market is on the horizon.
For those considering making a move, the current conditions present a unique opportunity to enter the market at a more affordable level. With interest rates expected to continue their downward trend, we anticipate a gradual acceleration in sales as we move into the latter half of 2024. Buyers who act now could benefit from the increased inventory and favourable borrowing conditions, while sellers may need to adopt a strategic approach to navigate this evolving market
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