Key facts
- Greater Toronto Area home sales rose 3.2% in July from June, reaching 5,582 units.
- This is the fifth consecutive monthly increase in sales.
- The home price index increased 0.3% month-over-month to C$933,800.
- This is the second consecutive month of price increases.
- Year-over-year sales decreased by 0.9%, while new listings fell 17.8%.
Home sales in the Greater Toronto Area (GTA) experienced a 3.2% increase in July compared to June, marking the fifth consecutive month of growth and reaching the highest sales volume since September of the previous year. The region's home price index also saw a 0.3% rise month-over-month, indicating a second consecutive period of price appreciation. These trends are occurring amidst recent positive economic data for Canada, including an estimated 3.4% growth in the second quarter.
Despite the monthly gains, year-over-year comparisons show a 0.9% decrease in home sales and a significant 17.8% drop in new listings. The home price index was down 4.6% on a year-over-year basis. Jason Mercer, Chief Information Officer at the Toronto Regional Real Estate Board, noted that while economic uncertainty and borrowing costs persist, recent positive news could boost consumer confidence and encourage more home purchases.
The Greater Toronto Area encompasses Toronto and four surrounding regional municipalities. The data was released by the Toronto Regional Real Estate Board.