By Sammy Hudes
The Toronto Regional Real Estate Board said sales were up 13% from June on a seasonally adjusted month-over-month basis, as improved affordability driven by lower prices and borrowing costs “is starting to translate into increased home sales.”
The average selling price decreased 5.5% compared with a year earlier to $1,051,719, and the composite benchmark price, meant to represent the typical home, was down 5.4% year-over-year.
“More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for home ownership,” said TRREB president Elechia Barry-Sproule in a press release.
July marked a significant turnaround for the Greater Toronto market after months of consecutive year-over-year declines in activity. Industry watchers have noted widespread hesitation among potential buyers due to economic uncertainty associated with the Canada-U.S. trade dispute.
April saw a 23% annual decline in the number of homes changing hands, followed by a 13% drop in May and roughly two per cent decrease in June.
TRREB chief information officer Jason Mercer said recent data suggests the Canadian economy is still “treading water in the face of trade uncertainty with the United States.”
“A key way to mitigate the impact of trade uncertainty is to promote growth in the domestic economy. The housing sector can be a catalyst for growth, with most spin-off expenditures accruing to regional economies,” he said in a press release.
“Further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth.”
Last week, the Bank of Canada left its policy rate unchanged for the third time in a row, but said future cuts may be warranted as U.S. tariffs persist. The central bank’s policy rate remains at 2.75%.
Governor Tiff Macklem said the economy has shown “some resilience” amid trade uncertainty, and that underlying inflation is proving stubborn.
Meanwhile, TRREB said 17,613 properties were newly listed in the GTA last month, up 5.7% compared with July 2024.
The number of active listings reached 30,215 last month, up 26.2% from last year’s inventory of 23,936 homes.
In the City of Toronto, there were 2,205 sales last month, an 11% increase from July 2024. Throughout the rest of the GTA, home sales were up 10.9% to 3,895.
All property types throughout the region saw more sales overall in July compared with a year ago.
The largest increase was in the semi-detached segment, which was up 25.5%, followed by detached houses with an 11.3% increase.
There were 7.9% more townhouses sold and a 5.8% increase in the number of condos that changed hands.
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Elechia Barry-Sproule home prices home sales real estate market sammy hudes The Canadian Press toronto toronto home sales toronto house prices Toronto housing market toronto real estate market toronto regional real estate board TRREB
Last modified: August 6, 2025