There were 5,921 sales through its MLS with the detached market both in the City of Toronto and the surrounding areas posting declining sales. New listings were up 5.1% year-over-year.
“Summer market statistics are often not the best indicators of housing market conditions. We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home.
As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs,” said TREB CEO John DiMichele.
The composite benchmark price was up 18% year-over-year but slipped 4.6% from June. The average sales price hit $746,218, up 5% year-over-year.
“A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” said TREB president Tim Syrianos.
MBN
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