Greater Toronto Area Housing Sales Surge with Rising Affordability

The Greater Toronto Area (GTA) housing market recorded its strongest July performance in four years, with 6,100 properties sold, marking a 10.9% increase compared to July 2024. According to the Toronto Regional Real Estate Board (TRREB), this is the highest activity for the month since 2021.

Sales also rose 13% month-over-month on a seasonally adjusted basis, reflecting a rebound in buyer confidence amid declining home prices and borrowing costs. The average selling price dropped 5.5% year-over-year to $1,051,719, while the composite benchmark price fell 5.4%, signaling improved affordability across the region.

TRREB President Elechia Barry-Sproule noted, “It’s clear that a growing number of households are finding affordable options for home ownership,” but emphasized that further relief is needed, “particularly where borrowing costs are concerned.”

The market also saw a 5.7% increase in new listings, with 17,613 properties added in July. Active listings surged to 30,215, up 26.2% from the previous year, indicating a more balanced supply-demand dynamic.

As affordability improves and inventory expands, analysts suggest the GTA market may be entering a more stable phase, offering opportunities for both buyers and sellers. The July data reflects a shift in sentiment, with households responding to favorable conditions despite broader economic uncertainties.