TORONTO – The Toronto Regional Real Estate Board says home sales, listings and prices were up in July compared with last year, but activity looks to be slowing in the face of higher interest rates.
The board says the 5,250 sales for the month was up 7.8 per cent compared with July 2022, while listings grew 11.5 per cent.
The average selling price was up 4.2 per cent in July from a year earlier to $1,118,374, while the benchmark price was up 1.3 per cent.
Sales and prices however trended lower from June on a seasonally adjusted basis with sales down 8.8 per cent and the average price down 0.7 per cent.
The drop in month-over-month sales in July marked the second month in a row for lower sales, while the July price pullback was the first month since February that saw a retreat.
The board says that it seems the sales momentum seen earlier in the spring has somewhat stalled since the Bank of Canada restarted its rate tightening cycle in June.
This report by The Canadian Press was first published Aug. 3, 2023.
