The GTA housing market continued to tighten in July, not because sales surged, but because fewer homes came to market.
Sales were essentially flat compared with last July, down just 0.9%, while new listings dropped a significant 17.8%. That shift means buyers have less choice and, in some areas, may begin facing more competition. Prices remain below last year’s levels. The average GTA selling price was $1,003,956, down 4.5% year-over-year, while the benchmark price was down 4.6%. However, there are early signs that prices may be starting to stabilize.
The takeaway: The market appears to be gradually moving away from the strong buyer advantage we saw earlier this year. Buyers still have opportunities, but potentially less negotiating power as inventory tightens.
Much will depend on consumer confidence, interest rates and the broader economy heading into the fall. If listings remain lower and buyers begin returning to the market, we could see a more balanced and potentially more competitive GTA market.
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