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  • Writer's pictureReneeta Vigueras

Your July 2023 Market Minute

The Greater Toronto Area (GTA) housing market showed positive momentum in July 2023 compared to the previous year. Despite a more balanced market and increased borrowing costs, home sales, new listings, and prices have all seen an increase. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

"We continue to suffer from a misalignment in public policy as it relates to housing. The federal government is targeting record levels of immigration for the foreseeable future, but we have seen very little tangible progress in creating more ownership and rental housing to accommodate this growth. Population growth is imperative for economic development; however, this growth will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem,” said TRREB CEO John DiMichele.

The Bank of Canada's next scheduled interest rate announcement will be on September 6, 2023, leaving almost two months from the last increase to assess new incoming data.

Do you want to buy or sell in the next 20 weeks left this year? Let's chat!

As always, if you'd like an update specific to your neighbourhood, please email us at:

Ren & Diana.


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