TRREB: 2023/July GTA REAL ESTATE MARKET MORE BALANCED IN JULY TORONTO, ONTARIO,

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up. Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. It does appear that the sales momentum that we experienced earlier in the spring has stalled however, since the Bank of Canada continued to raise rates.

Compounding the impact of these higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 per cent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 per cent. The MLS® Home Price Index Composite benchmark was up by 1.3 per cent year-over-year. The average selling price was also up by 4.2 per cent to $1,118,374 over the same timeframe. On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

Housing availability continues to be out of synch with public policy. The federal and provincial governments need to connect better. Targeting record levels of federal immigration for the foreseeable future while lacking provincially in housing supply is a route to frustration an even pain as will fail to meet housing needs for owners and renters. We see very little tangible progress in order to accommodate this growth. While population growth is imperative for Canada’s economic development, it will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem,” said TRREB CEO John DiMichele.

As you can see by the above numbers there is success to be had for both Buyers and Sellers and I am here to make that happen for you or someone you care about. For straight talk that leads to the right results at the right time, connect with me and let’s see if it’s your time. Let me Make a Difference for You!!

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