There were 8,595 home sales in Toronto in the month of July. This result was up by 24.3% compared to July 2018. On a month-over-month basis, sales were up by 5.1%, after preliminary seasonal adjustment. New listings were also up compared to July 2018, but by a much lesser annual rate than sales, at 3.7%.
With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active listings at the end of July were down by 9.1% year-over-year, further reflecting tightening market conditions. As market conditions continued to tighten in July, the average selling price increased by 3.2% on a year-over-year basis to $806,755.
Higher density home types continued to drive price growth, whereas detached home prices remained down in many communities throughout the GTA. Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments. However, the single-detached market segment, which has arguably been impacted most by the OSFI stress test, has experienced a slower pace of price growth, with average detached prices remaining lower than last year’s levels in some parts of the GTA
To compare these numbers to the sales numbers in June, you can find them here.
