Home sales in the GTA up in July with plenty of housing bargains in Oshawa and Durham

Home sales in the GTA climbed by 3.3 per cent last month from a year ago, with more new listings and a huge uptick in active listings giving buyers more options and a slight decrease in average selling prices.

The numbers are courtesy of the Toronto Regional Real Estate Board (TRREB), which show new listings up 18.5 per cent and active listings up a whopping 55.4 per cent from July 2023.

The average home price checked in at $1,106,617, a drop of just under one per cent.

“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July,” said TRREB President Jennifer Pearce. “Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments.”

York Region had the highest average home price in the GTA at $1,305,476, followed by Halton ($1,246,352), Toronto ($1,087,436) and Peel ($1,065,043).

Bargain hunters are looking at Durham Region ($915,636) for homes averaging under a million dollars, with Oshawa ($776,241) in particular presenting promising affordable housing choices.

There were 205 home sales in Oshawa last month, by far the biggest chunk of the region’s 779 sales in July. Whitby, with average home prices of $1,004,814, was next at 152 sales.

Across the entire 905 region, semi-detached properties experienced a significant surge in sales, increasing by 10.7 per cent year-over-year, indicating the most robust demand among all housing types. Townhouse properties also saw a notable boost in sales, up by 6.2 per cent, while detached homes experienced a slight cooling with a 0.3 per cent decline in sales.

The listing days and property days on market on market also increased significantly year-over-year, suggesting a more balanced or buyer-favorable market, where buyers have more choices and negotiating power. At the same time, sellers may need to be more flexible and strategic to find the right buyer, said TRREB Chief Market Analyst Jason Mercer.

“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.”