It's our last month of the summer holidays with just a few more weeks left! Luckily, we can still look forward to the long weekend for one last hurrah. For me, the end of summer signifies the start of a busy real estate season. Buyers and sellers are motivated and ready to make their move in the market (literally). If you are planning on buying or selling this fall, please reach out to me at your earliest opportunity.
Here is a brief look at the July Toronto real estate market as reported by the Toronto Real Estate Board:
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.
“Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate-tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 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.
On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.
“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.
Neighbourhood Spotlight:
Freebird Market
Freebird is South Etobicoke’s newest destination for delicious and nutritious in house chef-prepared meals, groceries, take-out and grab-and-go. They got your table covered with expert chef-made items, from snacks and treats to mains and sides. They continually developing delightful in-house recipes that include homemade bread, pasta, pastries, sauces, pizza, fresh salads, sides and a variety of seriously incredible sandwiches. Stop by to grab everything you need, or have their delicious and clean meals delivered right to your door. We’ve got excellent lunchtime take-out options in addition to other on-the-go grabs like our in-house organic cold-pressed juice line.
