Toronto home sales rise for fifth straight month in July; prices edge higher
Toronto home sales experienced a fifth consecutive monthly increase in July, with prices also showing a modest uptick, according to data from the Toronto Regional Real Estate Board (TRREB). The seasonally adjusted home sales figure rose 3.2% from June to 5,582 units, the highest monthly level since September of the previous year.
The benchmark home price index also experienced a 0.3% increase on a month-over-month basis, seasonally adjusted, reaching C$933,800. This represents the second consecutive month of price gains, as reported by TRREB chief information officer Jason Mercer. Despite recent economic data indicating stronger-than-expected growth in Canada, consumer confidence and home purchasing could be positively impacted by the improving housing market.
However, the GTA housing market still lags behind this time last year, with home sales down 0.9% year-on-year and new listings falling 17.8%. The home price index remains 4.6% lower than the level from a year earlier. With the economy growing at an annualized rate of 3.4% in the second quarter, the Bank of Canada's July forecast of 2.5% annualized growth for the same period appears to have been exceeded.
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