Great news for home buyers and sellers in the Greater Toronto Area! In July 2024, home sales were up compared to the same month last year. This increase is likely influenced by the recent Bank of Canada rate cuts in June and July, with borrowing costs expected to decline even further.

• Home Sales: 5,391 homes sold in July 2024, a 3.3% increase from July 2023.
• New Listings: 16,296 new listings, up 18.5% year-over-year, giving buyers more options.
• Average Selling Price: $1,106,617, slightly down by 0.9% from July 2023 but showing a slight monthly increase from June 2024.

The better-supplied market means buyers are benefiting from a slight relief in selling prices. This trend is expected to continue as more buyers take advantage of lower mortgage payments in the coming months.


With more affordable mortgage payments and a substantial build-up in inventory, it's an exciting time for the GTA housing market. Stay tuned for more updates and feel free to reach out if you have any questions about navigating this evolving market!