Increasing Inventory. A More Balanced Market. Growing Patience Among Buyers.
- As buyers see inventory continuing to increase, they have gone from being eager to buy as soon as possible to being a bit more patient in waiting for the right home.
- In July, we experienced a more balanced market compared to June, with fewer sales for a second straight month despite an increase in new listings.
- When compared to last July, sales increased by 7.8 percent and new listings increased by 11.5 percent.
- GTA average selling prices grew by 4.3 percent to $1,118,374.
- Given these trends, we suspect the market will remain far more balanced and less competitive in the months ahead.
- “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.
Want more details? Check out TRREB's Full Report
July 2023 vs. July 2022
July 2023 vs. June 2023
Click here to see Toronto Real Estate Board's Full Report
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