GTA home sales climb for fifth month in July as prices tick up
July saw a fifth straight rise in Greater Toronto Area home sales, with the benchmark price index also edging higher.
In July, the Greater Toronto Area recorded a fifth consecutive month of higher home sales, with seasonally adjusted transactions climbing 3.2% from June to reach 5,582 units, according to the Toronto Regional Real Estate Board. The region's benchmark home price index also rose 0.3% month-on-month, reaching C$933,800 for the second month in a row. The board’s chief information officer, Jason Mercer, noted that recent economic news has been more positive than anticipated, which could boost consumer confidence and spur further purchases.
Preliminary figures show Canada’s economy expanding at an annualised 3.4% in the second quarter, outperforming the Bank of Canada's forecast. Despite the monthly gains, sales remain 0.9% lower than a year ago, listings fell 17.8%, and the price index is 4.6% below its year-ago level.
Why it matters
The rebound signals renewed buyer confidence in Canada’s largest housing market amid improving economic conditions.
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