The GTA housing market is locked in a high-stakes standoff. New data from the Toronto Regional Real Estate Board (TRREB) reveals the average home price dropped to $1,003,956 in July—a 5.2% monthly decline and a 4.5% dip compared to last year. While sales volume remained relatively stable, down only 0.9%, the market is showing clear signs of buyer leverage, with days on market climbing to 45 and properties closing at 97% of asking price. Interestingly, the market is tightening not because of a surge in buyers, but because sellers are pulling back, with new listings plummeting 17.8% year-over-year. As the fall market approaches, the question remains: will sellers hold firm or will the pressure of lower comparables force a reset? For a deeper dive into the numbers and what this means for your next move, read the full report at Storeys.com.
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