Home sales in the City of Toronto were nearly even (+0.05%) and there was a slight increase in average home prices (+2.4% across detached, semis and condo apartment segments) from the same time last year. Although new listings were up +14.4% from last August, TRREB notes that overall listings are down substantially compared to last year, when looking at 2023 thus far.

:  In July, we saw the traditional summer slowdown in the Toronto market, with sales down -33.4% and new listings down -11.6% from the previous month. Meanwhile, sales were up +2.9% and new listings were up by +16.5% from last year, representing a reduction in the supply crunch. Year-over-year prices in the City remained somewhat flat for semis (down by -0.9%), and condo apartments (up +1.3%), however prices were higher by +8.3% detached homes. Also of note in July, detached homes averaged just 15 days on the market vs the overall average of 24 days across home types.

Once again last month, we saw sales outpace new inventory in Toronto real estate by a substantial margin. Market conditions continue to remain tight, with June 2023 representing an increased supply crunch relative to last year. Year-over-year, sales were up +13.76 per cent, with new listings up just under +1.0 per cent in the City. Prices rose +2.78 per cent for detached homes, +4.85 per cent for semis, while condo prices remained virtually even. Month-over-month, overall prices were down -4.2 per cent.