TRREB Market Report Highlights - July 2024
A Well Supplied Market. Relief for Buyers. The Positive Impact of
Interest Rate Cuts.
- There are a lot of NEW listings in the GTA again this month…up 18.5% vs. last July.
- More concerningly, there are 55.5% more ACTIVE listings on the market than last year at this time.
- Good news: the number of home sales was 3.3% higher than last year…while that isn’t high enough to absorb the increase in listings, it’s a step in the right direction.
- It’s taking longer to sell. In Toronto, the average home sold in 35 days in July vs. 23 days last July).
- The average price of a home is lower than last July, and lower than last month. Here’s how prices changed vs July 2023 by type of property:
- Detached houses (+0.5%)
- Semi-detached houses (-0.4%)
- Townhouses (-0.9%)
- Condos (-0.5%)
- The condo market continues to move slowly.
- There were 994 condo sales in the City of Toronto in July 2024…but with 6,141 active condo listings, we are clearly in Buyer Market territory – in other words, the buyers hold more power than the sellers. At this rate of sales, it would take 6 months to sell everything that’s already listed for sale – not including any new listings.
- When there are that many more condo sellers than buyers, prices usually go down before they come back up. We expect to see lower prices in the short term, with a market rebound dependent on interest rates low enough to bring back first-time buyers and investors.
- The stats in the 905 region (ie, the suburbs) are bleaker, with price decreases across the board compared to last July:
- Detached houses (-1%)
- Semi-detached houses (-4.5%)
- Townhouses (-4.2%)
- Condos (-5.7%)
Want more details? Check out TRREB's full report here.
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July 2024 vs. July 2023
July 2024 vs. June 2024
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