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Increasing Inventory. A More Balanced Market. Growing Patience Among Buyers.

  • As buyers see inventory continuing to increase, they have gone from being eager to buy as soon as possible to being a bit more patient in waiting for the right home.
  • In July, we experienced a more balanced market compared to June, with fewer sales for a second straight month despite an increase in new listings.
  • When compared to last July, sales increased by 7.8 percent and new listings increased by 11.5 percent.
  • GTA average selling prices grew by 4.3 percent to $1,118,374.
  • Given these trends, we suspect the market will remain far more balanced and less competitive in the months ahead.
  • “Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

 

Want more details? Check out TRREB's Full Report


July 2023 vs. July 2022 


July 2023 vs.  June 2023


Click here to see Toronto Real Estate Board's Full Report


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Office Location


Century 21 Leading Edge Realty Inc., Brokerage 165 Main Street North Markham, Ontario L3P 1Y2

 

         


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Direct:     (905) 472-7155
Office:     (905) 471-2121
TF:           (800) 362-0893
Fax:         (905) 471-0832

Online Resources


MLS Home Listings
Free Home Buyers Guide
Real Estate Reports


Century 21 Online Listings
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