Home sales across the Greater Toronto Area (GTA) rose 3.3% in July from a year earlier as the number of new listings across the region jumped 18.5%.
The Toronto Regional Real Estate Board (TRREB) said a decline in interest rates charged on home mortgages led to a rise in activity in the GTA housing market during July.
However, despite the year-over-year increase, July home sales were down 1.7% from the previous month of June.
The real estate board said 5,391 homes sold in July across the GTA, Canada’s biggest housing market, a 3.3% increase from 5,220 homes sold in the same month of 2023.
New listings totalled 16,296 in July, up 18.5% from a year ago. The average home price in the GTA declined slightly to $1.11 million in July, down 0.9% year-over-year.
The average detached home price in July was $1.43 million, while the average price of a condo in Toronto stood at $718,698.
Vancouver Sales Fall
On Canada’s West Coast, home sales in Greater Vancouver declined 5% from a year ago even though the number of new listings rose 20%.
The Greater Vancouver Realtor Association said that there were 2,333 homes sold in the city during July, while new listings totaled 5,597.
The average home price in Vancouver was $1.2 million in July, down 0.8% from July 2023.
The realtor group said that potential homebuyers remain hesitant to enter the housing market
despite the Bank of Canada cutting interest rates twice since June of this year.
Canada’s five big commercial banks, which collude on interest rates, are each charging 6.70% as their prime mortgage rate currently, which is high by historic standards.
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