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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.
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