Monthly Market Update - July 2023
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
Average Sales Price
Months of Supply
Average Days on Market