Toronto still has a record glut of homes sitting on the market but prices are only going up

Toronto's real estate market has been relatively dead in the water for some months compared to the city's usual red-hot reputation, but selling prices have remained incomprehensibly stable as more and more homes flood the market — and they're only set to go up, according to July's stats.that 3.3 per cent more homes were sold over the course of the month than in July 2023.

"This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth." Home sales in the GTA are increasing slightly after months of stasis, but inventory levels are sky-high. Chart from TRREB.

While TRREB doesn't put a figure on it, other stakeholders project the price of the average home of any type in the GTA to jump to $1,235,630 by the fourth quarter of the year, from the $1,106,617 seen last month.

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