A total of 5,995 homes were sold through the Toronto Regional Real Estate Board’s (TRREB) MLS System in July, a mild 0.9% decline from one year earlier. New listings entered into the MLS System amounted to 14,484, a rather significant 17.8% year-over-year drop.
On a seasonally adjusted basis, July’s home sales were up month-over-month compared to June’s activity while new listings were down, which the TRREB defined as a continued tightening of market conditions.
The MLS Home Price Index (MLS HPI) Composite benchmark was down last month by 4.6% year-over-year and the average selling price at just over $1 million was 4.5% lower from one year before. On a month-over-month seasonally adjusted basis, MLS HPI Composite edged up compared to June 2026, whereas the average selling price was slightly lower.
TRREB President Daniel Steinfeld stated, “With sales accounting for a larger share of listings, buyers may find there is less room to negotiate moving forward. If current trends continue, home prices could start to level off compared to last year. Many would-be homebuyers are waiting for confidence in the market and broader economy to improve before making a purchase. This includes more clarity on tariffs, inflation and borrowing costs.”
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