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Home sales across the Greater Toronto Area (GTA) continued to recover, rising for the fifth consecutive month in July, according to the Toronto Regional Real Estate Board (TRREB). Seasonally adjusted sales increased 3.2% over the previous month, reaching their highest level since September 2025. Home prices also recorded a second straight monthly increase, reflecting improving buyer confidence amid encouraging economic indicators. However, annual comparisons remained weak, with home sales, prices and new listings all declining from a year earlier, indicating that the market is still adjusting despite recent signs of recovery.
Toronto's housing market continued to show signs of gradual improvement in July, with home sales rising for the fifth consecutive month as improving economic conditions supported buyer activity, according to data released by the Toronto Regional Real Estate Board (TRREB).
Seasonally adjusted home sales increased by 3.2% compared with June, reaching 5,582 units. This was the highest monthly sales level recorded since September 2025, extending the recovery that has been underway over the past several months.
The board's seasonally adjusted Home Price Index also moved higher for the second consecutive month. It increased by 0.3% from June to CAD 933,800 (USD 665,811.05), indicating that home prices have started to stabilise after experiencing downward pressure over the past year.
The Greater Toronto Area, which includes the City of Toronto and four surrounding regional municipalities, has experienced softer housing activity over the past year due to elevated borrowing costs and economic uncertainty. However, recent economic indicators have provided some support to the market.
TRREB Chief Information Officer Jason Mercer said that although uncertainty surrounding the economy and borrowing costs continues, recent economic developments have been more encouraging than expected. He added that improving consumer confidence could lead to higher home-buying activity in the coming months.
Supporting this outlook, preliminary economic data recently indicated that Canada's economy expanded by 3.4% during the second quarter, marking its strongest quarterly growth in more than three years. The stronger economic performance is expected to improve household confidence and provide some support to housing demand if financing conditions continue to improve.
Despite the monthly gains, annual comparisons remained weaker. Home sales were down 0.9% compared with the same period last year, while new listings fell 17.8%, suggesting that fewer properties entered the market. The Home Price Index also remained 4.6% lower than a year earlier, showing that prices have yet to fully recover on an annual basis.
The Bank of Canada's monetary policy and mortgage borrowing costs have remained key factors influencing buyer sentiment over the past year. The recent improvement in sales and prices suggests that demand is gradually returning, although the market continues to operate below the stronger levels seen before borrowing costs increased.
Source Reuters
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