Greater Toronto Area home sales up in July from last year, listings jump

The Toronto Regional Real Estate Board says location income successful July were up from past twelvemonth but down from a period earlier, while listings jumped.

The committee says location were 5,391 homes sold successful July successful nan Greater Toronto Area, a 3.3 per cent emergence compared pinch nan 5,220 homes sold successful nan aforesaid period a twelvemonth earlier.

Sales worked retired to a 1.7 per cent dip from June connected a seasonally adjusted basis.

New listings totalled 16,296, up 18.5 per cent from past year.

Listings maturation outpaced income connected a year-over-year basis, but prices slipped only somewhat to $1,106,617, down 0.9 per cent.

TRREB president Jennifer Pearce says nan uptick successful income compared pinch past twelvemonth is encouraging and a imaginable motion little liking rates are starting to person an effect.

“We whitethorn beryllium starting to spot a affirmative effect from nan 2 Bank of Canada complaint cuts announced successful June and July,” Pearce said successful a connection connected Tuesday.

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“The costs of borrowing is anticipated to diminution further successful nan coming months. Expect income to accelerate arsenic buyers use from little monthly owe payments.”

The mean detached location value successful July was $1,425,927 for nan GTA, while nan mean condo value was $718,698.

The composite benchmark price, which intends to correspond emblematic homes, was down 5 per cent successful July from a twelvemonth earlier.