T
ORONTO – Home sales in the Greater Toronto Area surged 10.9 per cent in July compared to last year, with 6,100 properties changing hands - a significant increase from previous months. This marks the highest activity recorded in July since 2021.

    The Toronto Regional Real Estate Board reported that sales jumped 13 per cent from June on a seasonally adjusted basis, driven by improved affordability due to lower prices and borrowing costs. The average selling price dropped 5.5 per cent year-over-year to $1,051,719, while the composite benchmark price decreased 5.4 per cent.

    Industry leaders attribute the uptick in sales to households finding more affordable options for home ownership, despite ongoing economic uncertainty related to the Canada-U.S. trade dispute. The market had seen consecutive year-over-year declines in activity since April, when sales dropped by 23 per cent.

    TRREB chief information officer Jason Mercer noted that recent data suggests the Canadian economy is still struggling with trade uncertainty. He emphasized the importance of promoting domestic economic growth and suggested further interest rate cuts could stimulate home sales and boost regional economies.

    The number of newly listed properties in the GTA increased by 5.7 per cent to 17,613 last month, while active listings reached 30,215 - a 26.2 per cent jump from last year's inventory. City of Toronto sales rose 11 per cent to 2,205, with the rest of the GTA seeing a 10.9 per cent increase.

    All property types in the region experienced higher sales compared to last year, led by semi-detached homes (up 25.5 per cent), followed by detached houses (11.3 per cent) and townhouses (7.9 per cent). Condo sales also increased by 5.8 per cent.