July Toronto Real Estate Market Stats: Bank Of Canada Cuts Rates, Sales Volume Rebounding

As we dive into August, with summer already halfway through, I hope you've had the chance to soak up the fantastic weather we've been blessed with this year. But as the temperature rises, so does the activity in the real estate market.

Thanks to the recent interest rate cuts by the Bank of Canada, we're seeing a noticeable uptick in sales volumes for July, marking a rebound from last year’s cooling market. Compared to July 2022, sales have surged by nearly 10%, signalling renewed confidence among buyers. However, the real story lies in the abundance of choices available to them—active listings have soared by 55%, offering a more balanced market where prices have remained relatively stable.

Toronto Real Estate Market Overview: Key Insights

In July 2024, the Toronto housing market saw a modest increase in the average sale price, which rose by 0.5% year-to-date, reaching $1,115,799. However, the number of sales declined by 5.4%, totalling 15,195 transactions. Homes stayed on the market longer, with the average days on the market increasing by 21.1% to 23 days. Condo prices slightly decreased by 0.7%, now averaging $748,330, while condo sales fell by 1.8%, with 994 transactions. The market inventory is currently at 4.74 months. Despite this increased activity, the average selling price in July was $1,106,617, reflecting a slight 1.1% decrease from last year.

Jason Mercer, TRREB’s Chief Market Analyst, states that:,

As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. The above-average available inventory of homes for sale will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.

With these insights, let’s take a closer look at the market trends across the different regions and what this could mean for both buyers and sellers in the coming months.

GTA Real Estate Insights

In July 2024, the Greater Toronto Area's housing market showed a slight decline with the average sale price across all home types decreasing by 1.2%, now standing at $1,127,525 year-to-date. Sales volume saw a 4.5% drop, totalling 41,933 transactions. Homes stayed on the market longer, with the average days on the market increasing by 29.4% to 22 days. The condo market experienced a 2.2% drop in average prices, now at $718,698, with condo sales also down by 1.5%, totalling 1,482 transactions. Inventory has grown, offering 4.43 months' worth of homes, indicating that if no new listings appeared, it would take 4.43 months to sell the current inventory.

Toronto Real Estate Market Stats

For July 2024, the Toronto housing market saw a modest increase in the average sale price, which rose by 0.5% year-to-date, reaching $1,115,799. However, the number of sales declined by 5.4%, totalling 15,195 transactions. Homes stayed on the market longer, with the average days on market increasing by 21.1% to 23 days. Condo prices slightly decreased by 0.7%, now averaging $748,330, while condo sales fell by 1.8%, with 994 transactions. The market inventory is currently at 4.74 months.

Mississauga Real Estate Market Stats

In July 2024, Mississauga's housing market remained relatively stable with the average sale price unchanged at $1,070,943 year-to-date. The number of sales decreased by 3.9%, with a total of 3,691 transactions. The average days on the market increased significantly by 35.3%, reaching 23 days. The average condo price decreased by 6.7% to $631,810, and condo sales also dropped by 8.0%, totalling 149 transactions. Mississauga has 4.43 months of inventory available.

Oakville Real Estate Market Stats

In July 2024, Oakville's housing market saw the average sale price decline by 1.3% year-to-date, now at $1,529,217. The number of sales decreased by 3.9%, totalling 1,582 transactions. The average days on the market rose by 21.1%, with homes typically selling in 23 days. Condo prices increased by 4.7% to $862,264, while condo sales rose by 20.0%, with 36 transactions. Oakville has the highest inventory among the regions, with 5.28 months of inventory available.

Durham Real Estate Market Stats

In July 2024, Durham Region's housing market saw a decrease in the average sale price by 2.0% year-to-date, now at $934,299. Despite this, the number of sales increased by 2.6%, totalling 5,625 transactions. The average days on the market increased by 38.5%, with homes selling faster than in other regions, taking 18 days on average. Condo prices decreased by 11.3% to $517,100, while condo sales rose by 3.8%, totalling 55 transactions. Durham Region has the lowest inventory among the regions, with 2.93 months of inventory available.

York Region Real Estate Market Stats

In July 2024, York Region's housing market experienced a decrease in the average sale price by 2.4% year-to-date, now at $1,323,359. The number of sales also declined by 5.7%, totalling 7,529 transactions. The average days on the market increased by 35.3%, with homes typically selling in 23 days. Condo prices decreased by 7.6% to $696,586, and condo sales fell by 6.6%, with 169 transactions. The market inventory is at 4.68 months.

Brampton Real Estate Market Stats

In July 2024, Brampton's housing market experienced a decline, with the average sale price falling by 5.3% year-to-date to $1,013,059. The number of sales also dropped by 11.4%, totalling 3,202 transactions. The average days on market increased by 31.3%, with homes typically selling in 21 days. Condo prices decreased by 6.2% to $521,751, and condo sales remained stable with 26 transactions. The market inventory stands at 4.73 months.

What’s Your Property Worth Today?

As we can see, the real estate market across the Greater Toronto Area is dynamic and ever-changing, with each region offering its unique trends and opportunities. Whether you're thinking about buying or selling, staying informed about the market is key to making the right decisions.

If you're curious about your home's value in the current market or want to explore the best strategies for buying or selling, I encourage you to reach out to us for a free evaluation. Our team is here to provide personalized insights and help you navigate the market with confidence.

Don't miss the opportunity to make the most of the current market conditions—contact us today to get started! Let's chat!