GTA REALTORS Release July 2023 Stats
GTA REALTORS Release July Stats
GTA Real Estate Market Update by Toronto Real Estate Board
|In July 2023, the Greater Toronto Area (GTA) real estate market exhibited increased balance compared to the previous month. Home sales in the GTA reached 5,250, representing a 7.8% increase over July 2022, while new listings rose by 11.5% year-over-year. The average selling price climbed by 4.2% to $1,118,374, and the MLS® Home Price Index Composite benchmark increased by 1.3% year-over-year. However, the market’s momentum slowed after the Bank of Canada raised interest rates in June, leading to uncertainty and affecting short-term home sales. Despite long-term demand fueled by record population growth, the persistent lack of affordable housing remains a concern. Aligning public policy at all levels of government is necessary to address these challenges and foster sustainable economic development.