The GTA housing market experienced robust activity in July, as more prospective home buyers tapped into the market while new listings declined compared to July 2018.
The Toronto Real Estate Board (TREB) reported a total of 8,595 transactions over the course of July, marking a 24.3% year-over-year increase. Meanwhile, the number of new listings brought to market increased by a mere 3.7%. Buyers now find themselves on the edge of a sellers’ market, with a sales-to-new-listings ratio (SNLR) of 59%. This ratio, which measures the level of competition in a given market, is up by 10% from July 2018. This shows that there is an expanding supply and demand gap resulting in a 3.2% increase in average home prices, now reported at $806,755.