The Greater Toronto Area experienced the best home sales for the month of July since 2021. Sales were also up relative to listings, suggesting a modest tightening in the market compared to last year, according to the latest data from the Toronto Regional Real Estate Board (TRREB).

There were reportedly 6,100 home sales, up by 10.9 per cent compared to July 2024. New listings totalled 17,613 – up by 5.7 per cent year-over-year.

“Improved affordability, brought about by lower home prices and borrowing costs is starting to translate into increased home sales,” said (TRREB President Elechia Barry-Sproule. “More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for homeownership.”

There were 1,576 condo apartment sales in July, up 5.8 per cent year-over-year. The average price dipped by 9.3 per cent to $651,483. For townhomes, there were 1,047 sales, with an average price of $849,380 (a 7.4 per cent decrease).

Overall, on a seasonally adjusted basis, July home sales increased month-over-month compared to June 2025. New listings also rose compared to June, but by a much lesser rate. With sales increasing relative to listings, market conditions tightened.

“Recent data suggest that the Canadian economy is treading water in the face of trade uncertainty with the United States,” added TRREB Chief Information Officer Jason Mercer. “A key way to mitigate the impact of trade uncertainty is to promote growth in the domestic economy. The housing sector can be a catalyst for growth, with most spin-off expenditures accruing to regional economies. Further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth.”

TRREB CEO John DiMichele noted the exemptions that allow nonresidents to buy property. “Foreign buyers can purchase multi-unit buildings with four or more units and vacant land or land for development,” he said. “Non-residents can also buy other residential properties outside urban centres, including recreational properties. Moreover, temporary workers and international students can purchase residential property under defined circumstances under the ban extended until January 2027.”