Is the GTA housing market finally finding its footing? Recent data from the Canadian Real Estate Association (CREA) suggests a ‘balanced’ market, with national sales edging up 0.5% in July. However, a closer look reveals that this stability isn’t born from a surge in buyer confidence, but rather a significant retreat by sellers. In the Greater Toronto Area, new listings plummeted by 17.8% compared to last July, while sales remained largely flat. This reduction in inventory is doing the heavy lifting, artificially tightening the market. While a 0.1% uptick in the National Composite MLS Home Price Index has some calling a bottom, the reality remains that buyers are still scarce and affordability is stretched thin. For a deeper dive into why this ‘boring’ market might actually be the progress we need, read the full analysis at Storeys.
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