July 2023 Market Update

July 4, 2023
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JULY 2023 MARKET UPDATE

July 2023 Market Update

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.

There were 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 percent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 percent. The MLS® Home Price Index Composite benchmark was up by 1.3 percent year over-year. The average selling price was also up by 4.2 percent to $1,118,374 over the same timeframe.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

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