Average Sale Prices of Detached Homes in July in Comparison to July of 2024:
• Toronto: -5.40% at $1,57M
• Vaughan: -3.67% at $1,74M
• Richmond Hill: -8.76% at $1,77M
• Mississauga: -4.62% at $1,50M
• Markham: -6.52% at $1,67M
• King City: +15.68% at $3.71M
• Newmarket: -11.45% at $1,12M
• Aurora: +1.29% at $1,82M
• Bradford: -0.77% at $1,05M
• Milton: -2.74% at $1,24M
• Stoufville: -5.35% at $1,35M
• Innisfil: +11.76% at $1,25M
• Alliston: +2.26% at $920,000
• Burlington: -4.58% at $1,43M
• East Gwillimbury: -14.42% at $1,17M
• Barrie: -4.85% at $809,000
• Oakville: -15.08% at $1.77M
The Toronto and GTA real estate market in July continued to show a mixed picture, with activity varying across different property types. Freehold homes, particularly detached and semi-detached, remained resilient despite higher interest rates. Families seeking more space are keeping demand steady, and as a result, sales in this segment climbed by nearly 11% compared to last year. Average prices for freeholds hovered around $1.05M, showing stability even as buyers took a more cautious approach to purchasing.
Condos, however, told a different story. Prices declined by nearly 9% year-over-year, and listings stayed on the market longer than before. With more inventory available, buyers had greater leverage to negotiate favorable deals, whether on pricing or conditions. While this presents opportunities for first-time buyers and investors looking for long-term value, it also means sellers must adjust expectations, ensuring that pricing strategies and marketing efforts are sharp and realistic in today’s competitive condo landscape.
The rental market also saw a shift in July. Average rents were down roughly 5% compared to last summer, offering tenants some relief after several years of steady increases. This cooling is largely due to a combination of higher rental supply and softened demand as some renters transition into ownership, taking advantage of more affordable condo prices.
Overall, July highlighted a market leaning toward balance: buyers and renters had more choice and negotiating power, while sellers and landlords needed to remain flexible to achieve successful results.
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