Latest news with #TRREB
Yahoo
06-08-2025
- Business
- Yahoo
Toronto home sales heated up in July but flat market still predicted for rest of the year
Softening home prices and interest rates may have spurred some Toronto buyers to take action this summer, according to a new report from the Toronto Regional Real Estate Board (TRREB) released Wednesday. Seasonally adjusted data showed home sales in the Greater Toronto Area (GTA) climbed 13 per cent from June to 5,744 in July, the metro's strongest monthly gain since October 2024. However, from June to July, new listings ticked up by just 0.4 per cent while the benchmark price slipped slightly by 0.2 per cent to $979,000. The average number of days that properties were on the market (including those listed more than once) climbed from 36 to 41 year-over-year. Shawn Zigelstein, an Ontario broker from Royal LePage Signature Realty, said he expects a flat market for the rest of the year. 'I don't see that suddenly everything is going to start getting multiple offers, sell well over asking price and well over the values that they were at a number of years ago,' Zigelstein said, noting that during the housing market's peak, the average number of days a property was on the market was under 15. 'I think there are so many question marks, whether it's tariffs and trade, job security and people's investment accounts,' he said. 'There's so much uncertainty there.' Still, he noted it was a positive sign that sales of all product types, from condos to detached homes, were up year-over-year. Sales increased by 11 per cent, new listings were up 5.2 per cent and the benchmark price fell 5.5 per cent compared to July 2024. 'Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales,' said TRREB president Elechia Barry-Sproule in the report. 'It's clear that a growing number of households are finding affordable options for homeownership.' Condo sales ticked up 5.8 per cent from last year with the average price down over nine per cent, TRREB reported. But a previous report from TRREB found total condo apartment sales in the GTA plunged nearly 21 per cent in the second quarter of 2025 compared to the same quarter last year. Zigelstein said he expects slow growth in condo sales moving forward, with smaller units impacted the most by low demand, and prices to fall further this year. 'What we're seeing is, across the entire board, condos are taking a lot longer to sell and and they're just not selling (for what) a lot of people want them to sell at, which encourages buyers to come in with lowball offers and … pick up some units.' Vancouver home sales tick 2% lower, but realtors say market 'turning a corner' Condo prices in the suburbs are cratering He suggested that a new trade deal with the U.S. could stimulate buyer confidence and make a massive difference in the marketplace. But until then, he's keeping his expectations low. TRREB chief information officer Jason Mercer called for the Bank of Canada to cut interest rates to encourage more home sales and stimulate the economy. The central bank last held its key rate at 2.75 per cent in July. 'Recent data suggest that the Canadian economy is treading water in the face of trade uncertainty with the United States,' Mercer said. '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.' • Email: slouis@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
06-08-2025
- Business
- CTV News
Toronto's housing market may be shifting again. Did you finally buy or sell?
GTA home sales rose 10.99 per cent compared to last year, and the Toronto Regional Real Estate Board says it is the strongest showing for July in four years.
CTV News
06-08-2025
- Business
- CTV News
GTA home sales for July sees strongest showing in four years: TRREB
Video Home sales in the GTA rose 10.99 per cent compared to last year, and the Toronto Regional Real Estate Board says that is the strongest showing for the month in 4 years.
Reuters
06-08-2025
- Business
- Reuters
Toronto home sales post biggest increase in nine months in July
TORONTO, Aug 6 (Reuters) - Greater Toronto Area home sales rose for a fourth straight month in July and prices edged lower, Toronto Regional Real Estate Board data showed on Wednesday. Seasonally adjusted sales increased 13% on a month-over-month basis to 5,744 units. That marked the biggest increase since October 2024, while it was the best home sales result for the month of July since 2021, according to TRREB. TRREB's home price index fell 0.2% to C$979,000 ($710,449.93), which was the seventh decline in the last eight months. The Greater Toronto Area (GTA) includes Toronto, Canada's most populous city, and four surrounding regional municipalities. "Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales," TRREB President Elechia Barry-Sproule said in a statement. "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 homeownership." The Bank of Canada last week left its benchmark interest rate on hold at 2.75% but opened the door to cutting interest rates if the upward price pressures from trade disruptions are contained. On a year-to-year basis, the price index was down 5.4%, while sales jumped 10.9% and new listings were up 5.7%. ($1 = 1.3780 Canadian dollars)
CBC
06-08-2025
- Business
- CBC
GTA housing market sees best July in 4 years: real estate board
Social Sharing 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 says 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. TRREB president Elechia Barry-Sproule says "it's clear that a growing number of households are finding affordable options for home ownership" but cautions that more relief is required to spur the market, "particularly where borrowing costs are concerned." The board says 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.
