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Monthly Market Update - July 2023

Khoa Le
Aug 7 1 minutes read

The real estate market in the Greater Toronto Area (GTA) had a strong July 2023, with increased home sales, new property listings, and higher home prices compared to the previous year. It seems that many households have adjusted to the higher borrowing costs, although the sales momentum has slowed since the Bank of Canada started raising interest rates in June.

In July, GTA REALTORS® reported a 7.8% increase in home sales, totaling 5,250. There was also an 11.5% rise in new property listings. The benchmark home price index saw a 1.3% increase, while the average selling price went up by 4.2% to reach $1,118,374.

Our monthly market update showcases everything you need to know about local real estate trends over the last month. 

July 2023 Market Update for Greater Toronto Area

13,712

New Listings

15,371

Active Listings

5,250

Closed Sales


Homes Sold

102%

Sale-to-List Price


 

$1,118,374 

Average Sales Price

2.9

Months of Supply

24

Average Days on Market

Curious about how your home's value has changed?

We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.

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