On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s July 2023 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from July 2023 - as well as specific info on both condo and home prices in the GTA:

Real Estate Market Watch: Residential Transactions

• 5,250 residential home transactions took place in July 2023, up from 4,870 in July 2022 - an increase of 7.8%.
• When seasonal adjustments are taken into account, there was a 8.8% decrease in the number of purchases from June 2023 (5,624) to July 2023 (6,169).

July 2023 Real Estate News: Average Selling Prices

• The average sale price for July 2023 was $1,118,374. This is an increase of 4.2% from July 2022, when it was $1,073,213.
• The average price for homes in the Greater Toronto Area saw a 0.7% decrease compared to the previous month (from $1,161,433 to $1,153,499).

 

 Monthly Market Update: New Listings

• There were 13,712 listings available for July 2023, which is an 11.5% increase from July 2022 (when there were 12,294).
• The sales-to-listings ratio has decreased by 2% from July 2022, from 40% to 38%.

 

Real Estate Market Watch for July 2023: Days On The Market

• The average property spent 24 days on the market, compared to 29 last year - a decrease of 17.2%.
• Listings spent an average of 17 days on the market, which is a 10.5% decrease from this month last year (when they spent an average of 19).

   

Click Here To Read TRREB's July 2023 Real Estate Market Watch Report for Both Homes and Condos

  In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

• How do I get my down payment?
• Can I use my RRSP for my down payment?
• How can I make the profits from my pre-construction purchases tax-free?
• What type of home or mortgage can I afford?
• Which incentives are available for first-time buyers?
• What is a PDI?
• What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for July 2023 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2023.