GTA Real Estate Market Starting To Balance Out

📆 8/3/2023 10:13 AM
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The Greater Toronto Area's real estate market appears to be balancing out, with sales trending lower as new listings gained steam in July. TheReal_TRREB | realestatenews realestate realestatemarket Toronto GTA

The Greater Toronto Area's real estate market appears to be balancing out, with sales trending lower as new listings gained steam in July.

The sales slowdown allowed new listing growth to sneak ahead in July, sitting up 11.5% compared to the same time last year. Of the new listings, which totalled 13,712, the majority were located in the 905 regions outside of Toronto, accounting for 8,595 of the for-sale homes. The only other housing type that saw average prices fall was Toronto townhouses, with prices down 12%. A 13.9% increase in 905-area townhouse prices, however, accounted for the overall net gain for the GTA.

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