Home sales in Toronto fell 47% in July from a year earlier, while sales in Vancouver declined an
annualized 43% as rising interest rates price many potential buyers out of the real estate
market.
The Toronto Regional Real Estate Board (TREB) said there were 4,912 homes sold in the
Greater Toronto Area (GTA) in July, a decline of 47% from July 2021.
New home listings in Canada’s biggest housing market fell by 4% in the month.
The average price of a home in the GTA rose by a modest 1.2% compared to July of last year,
reaching $1.07 million, according to TREB.
The largest price increases across the GTA in July were seen in condominiums, which more
buyers turned to in the face of higher mortgage rates that left them unable to afford a house.
The Bank of Canada has raised its benchmark interest rate four times this year, most recently
by a full percentage point in July to 2.50%.
Vancouver Home Sales
In Vancouver, 1,887 homes were sold in July, down 43% from a year earlier, according to the
Real Estate Board of Greater Vancouver.
The real estate board noted that July’s sales activity was 35% below the 10-year sales average
in the western Canadian city.
However, home prices in Vancouver remained stable in July, with the average price dropping
only 2% to $1.21 million. Compared to a year earlier, the average home price was up 10%.
New home listings in Vancouver fell 25% between June and July of this year, while the total
number of homes listed for sale in the city declined 1.3% during the month.
