A total of 6,100 homes were sold in July through the Toronto Regional Real Estate Board’s (TRREB) MLS, a 10.9% year-over-year increase. The latest home sales total was the strongest result for the month of July since 2021 – however, it was also slightly lower than the 6,227 sales in June.
New listings entered into the MLS System totaled 17,613, a 5.7% year-over-year upswing.
The average selling price of $1.05 million was down by 5.5% from one year earlier. Last month’s price was lower than the $1.1 million recorded in June.
“Recent data suggest that the Canadian economy is treading water in the face of trade uncertainty with the United States. A key way to mitigate the impact of trade uncertainty is to promote growth in the domestic economy. The housing sector can be a catalyst for growth, with most spin-off expenditures accruing to regional economies. Further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth,” said TRREB Chief Information Officer Jason Mercer.
“Despite widespread belief that the federal foreign buyer ban prohibits all foreign nationals from purchasing residential properties in Canada, there are exemptions that allow non-residents to buy property, resulting in spin-off benefits to the economy,” said TRREB CEO John DiMichele. “Foreign buyers can purchase multi-unit buildings with four or more units and vacant land or land for development. Non-residents can also buy other residential properties outside urban centers, including recreational properties.”
