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July brought a noticeable shift in market momentum. For the first time in recent months, we saw sales volume increase compared to last year, as buyers began to take advantage of lower prices and a well-supplied market.
📊 The Big Picture: GTA Market Stats
- Average Sold Price: $1,061,053 (Year-Over-Year: Down 5.1%)
- Total Sales: 5,487 (Year-Over-Year: Up 4.1%)
- New Listings: 14,047 (Year-Over-Year: Up 2.8%)
- Days on Market (LRL): 31 Days (Compared to 21 days last year)
🔍 Key Market Trends
1. Affordability Drives Action Home sales were up 4.1% compared to July 2024. This uptick suggests that the combination of lower selling prices (down 5.1%) and the initial impact of lower borrowing costs is finally moving buyers off the sidelines.
2. Buyers Have Power (and Choice) With new listings up by 2.8%, the market remains well-supplied. This inventory level gives buyers substantial choice and negotiating power, preventing the rapid price escalation we often see when demand picks up.
3. Price Adjustment The average selling price of $1.06 million represents a 5.1% discount compared to last year. This correction has improved affordability for many households, making home ownership more accessible than it was a year ago.
📝 The Bottom Line
- For Buyers: The “affordability window” is wide open. You have more inventory to choose from, and prices are down 5% from last year. It is a great time to upgrade.
- For Sellers: Sales are up, which is good news, but buyers are price-sensitive and have options. Your property needs to be priced sharply to compete in this “well-supplied” market.
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