Toronto home sales rise for fifth straight month in July; prices edge higher
Greater Toronto Area home sales rose in July for a fifth straight month and prices increased. (This is a representative AI image) Home sales in
Greater Toronto Area home sales rose in July for a fifth straight month and prices increased. (This is a representative AI image) Home sales in the Greater Toronto Area (GTA) rose for the fifth consecutive month in July, while prices also increased, as signs of improvement in Canada's economy offered some support to the housing market.Seasonally adjusted home sales rose 3.2% from June to 5,582 units, the highest monthly level since September last year, according to data released by the Toronto Regional Real Estate Board (TRREB) on Thursday.The benchmark home price index also increased 0.3% month-on-month on a seasonally adjusted basis to C$933,800, marking the second consecutive month of price gains.The improvement in the housing market comes as recent economic data has pointed to stronger-than-expected growth in Canada."While uncertainty about the economy and borrowing costs persists, recent news has been more positive than expected," TRREB chief information officer Jason Mercer said in a statement, as quoted by Reuters."This could help bolster consumer confidence and prompt an uptick in home purchases in the months ahead," Mercer added.Preliminary data showed Canada's economy grew at an annualised rate of 3.4% in the second quarter, which would be its strongest quarterly performance in more than three years.The economy grew 0.3% in May, beating economists' expectations of 0.2%.
April growth was also revised higher to 0.6% from 0.5%, the strongest monthly increase since July 2025.The stronger-than-expected data suggests the economy may have performed better than the Bank of Canada's
July forecast of 2.5% annualised growth for the second quarter.Despite the recent monthly recovery, the GTA housing market remains weaker than a year ago. Home sales were down 0.9% year-on-year in
July, while new listings fell 17.8%. The home price index was also 4.6% lower than a year earlier.The GTA covers Toronto and four surrounding regional municipalities and represents Canada's largest housing market.
The BriefWire