Toronto home sales rise for fifth straight month in July; prices edge higher
Home sales and prices in the Greater Toronto Area rose for the fifth consecutive month in July, signaling a potential recovery in the Canadian housing market. Despite this growth, current figures remain lower than year-ago levels, reflecting ongoing economic uncertainty.
Why it matters
Real estate trends in major urban centers like Toronto serve as a key indicator for the broader health of the Canadian economy and consumer confidence.
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…
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in