RARE’s Economic Research Department meticulously examines TREB’s monthly data releases, distilling them into an easily digestible and insightful format within our market report.
Toronto’s housing market found a bit more footing in July—but the picture remains complex. With sales stabilizing, prices still drifting, and supply hovering near record highs, deeper shifts are at play. Rental softness, construction slowdowns, and mixed economic signals hint at what’s to come.
Toronto’s housing market showed signs of strengthening in July. Sales dipped slightly but rose modestly after seasonal adjustment. New listings and active inventory edged lower yet remained near record highs, while benchmark and average prices continued their gradual decline, holding well below peak levels. The rental market stayed soft despite a slight uptick in rents. Housing starts and completions fell sharply, and new home sales remained near historic lows. Mortgage rates nearly converged, with affordability largely unchanged. At the same time, unemployment edged down across all regions, while mortgage arrears held steady at elevated levels.
Toronto Metro sales edged down to 6,100 in July, however, increased by 13% after seasonal adjustment. They declined 2% month-over-month, but rose 13% year-over-year, and remained 17% below the 10-year average. Sales activity typically slows down between May and January.
New listings declined in July to 17,613, down 11% month-over-month, yet still 8% higher year-over-year and 21% above the 10-year average. This marked one of the highest July listing levels on record, nearly matching the peak seen in July 2020. New listings typically decline between May and December.