TORONTO — Greater Toronto Area-home sales rose 10.9 per cent in July compared with a year earlier as 6,100 properties changed hands, the most activity recorded in the month since 2021.
The Toronto Regional Real Estate Board said sales were up 13 per cent from June on a seasonally adjusted month-over-month basis, as improved affordability driven by lower prices and borrowing costs "is starting to translate into increased home sales."
The average selling price decreased 5.5 per cent compared with a year earlier to $1,051,719, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent year-over-year.
"More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for home ownership," said TRREB president Elechia Barry-Sproule in a press release.
July marked a significant turnaround for the Greater Toronto market after months of consecutive year-over-year declines in activity. Industry watchers have noted widespread hesitation among potential buyers due to economic uncertainty associated with the Canada-U.S. trade dispute.
April saw a 23 per cent annual decline in the number of homes changings hands, followed by a 13 per cent drop in May and roughly two per cent decrease in June.
TRREB chief information officer Jason Mercer said recent data suggests the Canadian economy is still "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," he said in a press release.
"Further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth."
Last week, the Bank of Canada left its policy rate unchanged for the third time in a row, but said future cuts may be warranted as U.S. tariffs persist. The central bank’s policy rate remains at 2.75 per cent
Governor Tiff Macklem said the economy has shown “some resilience” amid trade uncertainty, and that underlying inflation is proving stubborn.
Meanwhile, TRREB said 17,613 properties were newly listed in the GTA last month, up 5.7 per cent compared with July 2024.
The number of active listings reached 30,215 last month, up 26.2 per cent from last year's inventory of 23,936 homes.
In the City of Toronto, there were 2,205 sales last month, an 11 per cent increase from July 2024. Throughout the rest of the GTA, home sales were up 10.9 per cent to 3,895.
All property types throughout the region saw more sales overall in July compared with a year ago.
The largest increase was in the semi-detached segment, which was up 25.5 per cent, followed by detached houses with an 11.3 per cent increase.
There were 7.9 per cent more townhouses sold and a 5.8 per cent increase in the number of condos that changed hands.
This report by The Canadian Press was first published Aug. 6, 2025.
Sammy Hudes, The Canadian Press
