The GTA in July saw the best home sales result in four years. Sales were up by 10.9 per cent in comparison to July 2024. Sales also improved versus last month. The Toronto Regional Real Estate Board (TRREB) says sales were up 13 per cent from June on a seasonally adjusted month-over-month basis. This is a continuation of an upward trend in sales started in April. With sales increasing relative to listings, market conditions tightened more in July.
Improved affordability is the key driver bringing hesitant buyers back to the market. Lower interest rates combined with stable or slightly lower prices have reduced monthly carrying costs significantly compared to the market peak.
First-time buyers are leading the recovery, encouraged by lower rates and various government programs designed to help them enter the market.
Move-up buyers are also becoming more active as they see opportunities in the current market conditions.
Looking ahead, market observers expect continued momentum through the fall, with the potential for a strong spring market in 2026 if rates remain favorable.