July 2024 was an active month for the Greater Toronto Area (GTA) real estate market, with home sales rising compared to the same period last year. Buyers in the GTA had even more new listings to choose from, giving them a wider range of options and a bit more negotiating power. This better-supplied market also led to a slight dip in average selling prices, offering some relief to those looking to buy.
What’s Driving the Market?
The recent interest rate cuts by the Bank of Canada in June and July 2024 have started to show their impact on the market. With borrowing costs expected to decrease even further in the coming months, we can anticipate even more activity as buyers look to take advantage of lower monthly mortgage payments.
GTA Market by the Numbers
In July 2024, GTA REALTORS® reported 5,391 home sales through the MLS® System—a 3.3% increase from the 5,220 sales recorded in July 2023. Additionally, new listings surged to 16,296, marking an 18.5% year-over-year increase. On a seasonally adjusted basis, both sales and new listings dipped slightly compared to June 2024, reflecting the typical summer slowdown.
Price Trends and Buyer Opportunities
The MLS® Home Price Index Composite benchmark showed a 5% decline on a year-over-year basis, with the average selling price at $1,106,617—down 0.9% from July 2023. However, on a month-to-month basis, both the MLS® HPI Composite and the average selling price saw a slight uptick from June 2024.
As a realtor in Toronto, I believe that as more buyers take advantage of lower mortgage payments, they’ll find a market rich in inventory, which will help keep prices stable for now. However, as available homes get snapped up, especially without a significant increase in new home completions, we may see the market tighten again, leading to renewed price growth.
Looking Ahead
The Toronto real estate market continues to evolve, and innovation in home construction will be key to meeting future demand. Toronto City Council’s recent decision to consult with the province on building code changes that allow for single egress staircases in multi-residential buildings up to four storeys is a step in the right direction. This change could lead to more multi-family units that are spacious enough for families—a crucial development as our city grows.
Additionally, connectivity to public transit remains a vital factor in the housing market. The much-anticipated opening of the Crosstown LRT is getting closer, and I’m excited to see how this will further enhance the livability of neighborhoods across the GTA.
Final Thoughts
The GTA real estate market in July 2024 has shown resilience and adaptability. Whether you’re buying or selling, staying informed and working with a knowledgeable realtor can help you navigate this dynamic market.
If you have any questions or need guidance on your real estate journey, feel free to reach out—I’m here to help!
