Toronto Housing Market in July 2024: More Sales, Many More Listings

In July 2024 the Greater Toronto Area sold 5,391 homes, 3.3% more than in July 2023, while 16,296 new listings came to market, up 18.5% over the same month. New supply grew much faster than sales, and the average selling price that month was $1,016,000. For buyers, July 2024 meant choice.

I am Moe Asgarian, a Broker with RE/MAX in Toronto, ranked 47th worldwide inside the company, and I read these monthly reports because the numbers in them decide what I tell a client sitting across from me. Here is what the July 2024 figures looked like for the GTA and for Canada, and what they meant at the time.

GTA Sales Rose in July 2024, but New Listings Rose Much More

TRREB reported 5,391 home sales across the GTA in July 2024, a 3.3% increase on July 2023. New listings over the same month reached 16,296, which was 18.5% higher than a year earlier. Put the two beside each other: sales up roughly 3%, new listings up roughly 19%. The one thing that had really changed between July 2023 and July 2024 was interest rates, so the sales figure suggests the rate cuts were starting to show up in behaviour. Against June 2024, though, both sales growth and listing growth were a little softer.

What that ratio produces is a lot of homes sitting on the market at once, with owners waiting for a buyer. In July 2024 those homes were competing with each other, which is the part of a monthly report that matters most to someone who is actually shopping.

The Average Selling Price in July 2024 Was $1,016,000

The average selling price in the GTA in July 2024 came in at $1,016,000, down roughly 1% from July 2023. Measured against June 2024 it was lower by around $50,000. That is not a collapse and it is not a recovery either. With that much inventory on the market in July 2024, a seller could not count on a line-up at the door, and a listing priced above the market simply sat.

Why TRREB Expected More Sales After July 2024

The president of the Toronto Regional Real Estate Board called the July 2024 rise in sales encouraging and tied it to the rate cuts, with the expectation that the months ahead could bring more buying and selling. A senior TRREB analyst took a similar line on prices: not a jump any time soon, but gradual growth over time. The reasoning is plain enough. When a buyer's monthly payment drops, more money stays in their pocket and their purchasing power goes up, and that feeds straight into how many homes trade in a month.

The July 2024 report also pointed at two things working in the market's favour, the plan to permit four-unit homes, and in Toronto the hope that the Eglinton LRT line would open soon and bring more activity to the areas near it.

Canada's July 2024 Numbers Were Slower Than the GTA's

Nationally, July 2024 looked like a market still waiting for the rate cuts to land. Monthly home sales across Canada were about 0.7% below the previous month, although roughly 5% above July 2023. New listings nationally were up by about 23%. The average price of a Canadian home sat at roughly $667,000 in July 2024, about 0.2% below the same point a year earlier. Sellers were not willing to let homes go at a steep discount, and the overall level of activity stayed well under what counts as normal. The forecast attached to those July 2024 reports was for a busier and more balanced fall across the country.

What This Market Meant for Buyers in the GTA

A month in which new listings grow faster than sales is, for a buyer, close to the best setup there is. Through the summer of 2024 I kept telling clients the same thing: this is when you get to be selective, push on conditions, and take a second look before you commit. The genuinely good properties still move, even in a slow market, so the work is in knowing which ones they are. My colleagues and I keep a list of GTA properties we have gone through carefully for exactly that reason.

If you want access to that list, or you are thinking about selling your house or condo, fill out the form at the bottom of this page or book a free consultation and we will go through it together. Stay well and take care.