The Greater Toronto Area (GTA) housing market demonstrated resilience in July 2024, with a modest 3.3% increase in home sales compared to July 2023. A total of 5,391 homes were sold through TRREB’s MLS® System, marking a positive shift despite the challenges in the broader economic environment. This uptick in sales was accompanied by a significant 18.5% year-over-year increase in new listings, totaling 16,296 entries into the MLS® System.
However, on a seasonally adjusted basis, both sales and new listings saw a slight dip from June, indicating that while the market is active, it's also stabilizing as it adapts to the evolving economic conditions.
The MLS® Home Price Index Composite benchmark showed a year-over-year decline of approximately five percent in July 2024. The average selling price also reflected a slight decrease, settling at $1,106,617, down 0.9% from $1,116,950 in July 2023. Despite these declines, there was a marginal increase in both the MLS® HPI Composite and the average selling price compared to June 2024, suggesting that the market may be finding its footing after a period of adjustment.
Jason Mercer, TRREB’s Chief Market Analyst, pointed out that as mortgage payments become more affordable in the coming months, buyers will likely benefit from the substantial inventory currently available. This could initially keep home prices relatively flat. However, as the inventory is gradually absorbed, market conditions may tighten, potentially leading to renewed price growth.
Lendworth recognizes the importance of these market dynamics for both buyers and sellers. As inventory levels fluctuate and market conditions evolve, our team is equipped to provide tailored mortgage solutions that align with our clients' needs. Whether you're looking to capitalize on the current pricing or are preparing for future market shifts, Lendworth offers the expertise and support necessary to make informed decisions.
In addition to market trends, innovation in new home construction is also critical for the long-term health of the GTA housing market. TRREB CEO John DiMichele emphasized the importance of developments like Toronto City Council’s consultation with the province on adopting single egress stair requirements in the building code for multi-residential buildings up to four storeys. Such changes could facilitate the creation of more diverse and family-friendly housing options. Additionally, the progress towards the opening of the Crosstown LRT is a promising development that will enhance connectivity and accessibility across the region.
At Lendworth, we are committed to staying ahead of these trends and developments, ensuring that our clients are well-positioned to navigate the complexities of the GTA housing market. Whether you're considering purchasing, refinancing, or exploring investment opportunities, our team is here to guide you every step of the way.
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