➕July 2024➕
➕ ‘The Numbers’ for July are in! The positive impact of recent Bank of Canada rate cuts, along with anticipated further drops in borrowing costs, led to an increase in home sales in Toronto in July 2024 compared to July 2023.
Buyers may benefit from the current market conditions, with more choices and relatively stable prices before any potential future price increases.
Sellers were able to realize a modest increase in sales prices. However, with more new listings, sellers face more competition, which could lead to longer selling times and potentially lower offers. Moving forward, sellers might not see significant price appreciation in the short term as prices may remain relatively flat, but are expected to rise as inventory is absorbed and market conditions tighten.
In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property, or if you have any real estate inquiries, feel free to reach out. We are here to guide you!
Looking to buy or sell a home in Toronto? Average prices in July were as follows:
➕Detached $1,648,021 [0% vs. 2023]
➕Semi-detached $1,254,280 [0% vs. 2023]
➕Townhouse $970,661 [-5% vs. 2023]
➕Condo $748,330 [-1% vs. 2023]
