July brought the strongest home sales for the month of July since 2021 across the Greater Toronto Area (GTA). Sales outpaced the growth in new listings, hinting at a modest tightening in market conditions.
Is this the start of a sustained shift? It’s too soon to call, but the early signs are worth watching.
Key GTA Numbers (TRREB Data)
- Sales: 6,100 homes sold — up 10.9% vs. July 2024
- New Listings: 17,613 — up 5.7% year-over-year
- Average Price: $1,051,719 — down 5.5% year-over-year
“Lower prices and borrowing costs are helping more households get into the market, though further rate relief would give sales another boost,” says TRREB President Elechia Barry-Sproule.
Freehold Market Driving The Rebound
- 4,053 sales in July — up 17% year-over-year
- Activity is now 12% above 2017 levels and just 8% below 2018, after years of historically low volumes.
Momentum here is clearly picking up.
Condo Market Still Under Pressure
- Sales up only 5.8% year-over-year
- Active listings +13%
- Average prices down 9% — the steepest annual drop of this cycle, marking 15 consecutive months of declines
- Days on market averaging 5+ weeks
Some sellers are accepting steep discounts to avoid carrying costs, while others are pivoting to the rental market — adding to rental supply and putting downward pressure on rental rates.
New Construction Facing Historic Lows
Greater Toronto Hamilton Area new condo sales are at a virtual standstill:
- Q2-2025: 502 units sold — down 69% year-over-year and 91% below the 10-year average
- Standing inventory: 2,478 completed but unsold units — more than double last year’s
- Months of supply: 60 at current pace
- Average asking: $1,212/sq.ft — down 16% from peak
Shaun Hildebrand, President of Urbanation, described the situation as follows: “The market has entered a phase of the downturn that is really starting to wreak havoc. Project cancellations are mounting, construction starts are collapsing, jobs are being lost, buyers are losing a lot of money, and developers are facing difficulties with closings. While a reduction to deliveries next year should help to alleviate some pressure, the near-term will remain very challenging.”
What This Means for You
For Buyers:
Affordability has improved, choices are broader, and competition is lighter. If you’ve been waiting for the right moment, this window of opportunity may not last — especially in the low-rise segment where momentum is picking up.
For Sellers:
Demand is improving but buyers are selective. Success requires accurate pricing, strong presentation and marketing. Buyers are cautious and value-driven. Patience and strong negotiation skills will be key to securing a solid deal.
If you’re thinking about buying, selling, or investing, the best decisions are made with current market data, not last year’s headlines. Let’s talk about your options and create a strategy that works for your goals.
Contact me today to get started! Turn the numbers into your next opportunity.
📱Phone: 647-504-0690
📧 Email: steven@mistersauga.ca
*Your Trusted Partner in the GTA Real Estate Journey*