Toronto home sales post biggest increase in nine months in July

By Fergal Smith

TORONTO (Reuters) -Greater Toronto Area home sales rose for a fourth straight month in July and prices edged lower, Toronto Regional Real Estate Board data showed on Wednesday.

Seasonally adjusted sales increased 13% on a month-over-month basis to 5,744 units. That marked the biggest increase since October 2024, while it was the best home sales result for the month of July since 2021, according to TRREB.

TRREB's home price index fell 0.2% to C$979,000 ($710,449.93), which was the seventh decline in the last eight months.

The Greater Toronto Area (GTA) includes Toronto, Canada's most populous city, and four surrounding regional municipalities.

"Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales," TRREB President Elechia Barry-Sproule said in a statement.

"More relief is required, particularly where borrowing costs are concerned, but it's clear that a growing number of households are finding affordable options for homeownership."

The Bank of Canada last week left its benchmark interest rate on hold at 2.75% but opened the door to cutting interest rates if the upward price pressures from trade disruptions are contained.

On a year-to-year basis, the price index was down 5.4%, while sales jumped 10.9% and new listings were up 5.7%.

($1 = 1.3780 Canadian dollars)

(Reporting by Fergal Smith; Editing by Sandra Maler)

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