The Greater Toronto Area (GTA) housing market is showing signs of renewed momentum, with home sales rising for the fourth consecutive month in July, according to the Toronto Regional Real Estate Board (TRREB). Seasonally adjusted sales were up 13% month-over-month, reaching 5,744 units — the strongest July showing since 2021 and the biggest monthly jump since October 2024.

While sales climbed, prices continued a subtle slide. TRREB’s Home Price Index dropped 0.2% to C$979,000, marking the seventh decline in eight months. On a year-over-year basis, prices were down 5.4%, though sales surged 10.9%, and new listings saw a 5.7% increase.

TRREB President Elechia Barry-Sproule attributed the sales boost to improved affordability, driven by both lower home prices and borrowing costs. “More relief is required,” she noted, particularly in terms of interest rates, “but it’s clear that a growing number of households are finding affordable options for homeownership.”

The Bank of Canada held its benchmark rate steady at 2.75% last week but hinted at potential cuts if inflationary pressures from trade disruptions ease — a move that could further fuel buyer interest.

For now, the GTA market is showing cautious optimism: increased sales activity, better affordability, and a glimmer of hope for both buyers and sellers navigating a still-evolving housing landscape.