The July 2024 Greater Toronto Area (GTA) real estate market saw a 3.3% increase in home sales compared to the previous year, with 5,391 homes sold. Detached homes led the sales, showing a modest increase, while condo sales dipped slightly. TRREB President Jennifer Pearce and Chief Market Analyst Jason Mercer suggest that this rise could signal a positive trend, especially with anticipated lower borrowing costs, which may spur more sales.
Despite increased sales, new listings grew faster, giving buyers more options and slightly easing average prices, which dropped by 0.9% to $1,106,617 from July 2023. The City of Toronto saw a slight rise in detached home prices, while suburban condos experienced the largest decline.
Multigenerational home ownership is growing, driven by high costs, offering advantages like shared expenses and better mortgage terms. However, legal agreements are advised to address potential issues.
Additionally, the Bank of Canada cut its interest rate, with more cuts expected, which could provide relief for mortgage holders. The newsletter also highlights the importance of smoke alarms in homes and offers tips for maintaining washing machines to extend their lifespan.
