Now Reading: Toronto home sales rise for fifth month, prices edge up
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Toronto home sales rise for fifth month, prices edge up
Greater Toronto Area home sales rose for a fifth consecutive month in July, seasonally adjusted sales climbing 3.2% from June to 5,582 units, the highest monthly level since September, the Toronto Regional…
The Story in Brief
Greater Toronto Area home sales rose for a fifth consecutive month in July, seasonally adjusted sales climbing 3.2% from June to 5,582 units, the highest monthly level since September, the Toronto Regional Real Estate Board (TRREB) reported. The benchmark home price index ticked up 0.3% month-on-month to C$933,800, marking the second straight monthly gain. The uptick follows stronger-than-expected Canadian economic growth, with the economy expanding at an annualised 3.4% in the second quarter. However, compared with a year ago, July sales were down 0.9% and prices were 4.6% lower.
The Indian Opinion
Monthly data from Toronto's housing market invites two lazy narratives: that a full recovery is underway or that the market remains stuck. In truth, July's rise is real but fragile, sales are still below year-ago levels, and new listings fell nearly 18%. A single quarter of strong GDP growth does not erase high borrowing costs or consumer uncertainty. The real test will be whether sales can hold above 5,500 units for the next three months, especially if the Bank of Canada does not cut rates further.
Source: timesofindia.indiatimes.com
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