July 2023 Greater Toronto Market Watch

Hi, I am YAN ZHOU. In July 2023, the Greater Toronto Area (GTA) experienced a notable increase in home sales, new listings, and home prices compared to the same month in 2022. The market also showed a more balanced trend on a seasonally adjusted basis, with sales slowing down slightly while new listings rose.

According to Toronto Regional Real Estate Board (TRREB) President Paul Baron, the sustained high level of home sales in July suggests that many households have adapted to the higher borrowing costs. However, the sales momentum seen earlier in the spring has somewhat stalled since the Bank of Canada initiated its rate tightening cycle in June. Additionally, the limited number of listings available for purchase has compounded the impact of higher interest rates.

During July 2023, GTA REALTORS® reported a total of 5,250 sales through TRREB’s MLS® System, representing a 7.8 percent increase compared to July 2022. New listings also rose during the same period, with an even greater annual rate of 11.5 percent. The MLS® Home Price Index Composite benchmark saw a year-over-year increase of 1.3 percent, while the average selling price rose by 4.2 percent to reach $1,118,374.

On a seasonally adjusted monthly basis, sales declined for the second consecutive month, while new listings continued to increase. The seasonally adjusted average selling price showed a slight decrease, whereas the MLS® HPI Composite benchmark increased slightly.

TRREB Chief Market Analyst Jason Mercer attributed the recent fluctuations in home sales to uncertainties surrounding borrowing costs, job prospects, and the overall economy. He anticipated that demand for homeownership would remain strong in the long run due to record population growth. However, some potential homebuyers might remain cautious until there is more clarity regarding monetary policy and economic conditions.

TRREB CEO John DiMichele highlighted the challenge posed by a misalignment in public policy concerning housing. While the federal government plans to welcome high levels of immigration in the future, there has been little tangible progress in creating sufficient ownership and rental housing to accommodate this growth. He emphasized the importance of addressing this issue collaboratively among all three levels of government to ensure sustainable economic development and affordable living opportunities for the growing population.


您好, 我是周彦。2023年7月,大多伦多地区(GTA)的房屋销售量、新房上市数量和房价与2022年7月相比都有所增长。经季节调整后,市场在7月相比6月更加平衡,销售有所下降,而新房上市量增加。






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