Average home prices increased in Aurora in July, up from $1,403,913 in June to $1,420,307 in July, according to monthly figures from the Toronto Regional Real Estate Board.
There was a slight drop in the number of sales, down from 83 in June to 69 in July, although new listings remained similar, with 187 in June versus 189 in July, according to the board’s numbers.
The number of active listings also ticked up slightly, with 232 in June versus 235 in July.
While average prices increased month-to-month, Aurora was down across the board in terms of the MLS Home Price Index, year-to-year.
Prices overall were down 3.8 per cent compared with last year for the composite price index. Prices for single-family detached and attached houses were also down compared with the benchmark. Townhouses were down 7.38 per cent year-over-year compared with the benchmark of $909,400, while apartments also dropped 6.64 per cent, based on a benchmark price of $667,700.
Meanwhile, the average price in the Greater Toronto Area dropped slightly, going from $1,162,167 in June to $1,106,617 in July. Both figures were lower than the same time last year.
Throughout the region, realtors reported 5,391 home sales through TRREB’s MLS System in July 2024 – a 3.3 per cent increase compared to 5,220 sales reported in July 2023. However, there were more sales in June, 6,213, than in July.
Overall, the total housing inventory remained high. In July 2023, there were 14,108 active listings in the GTA, while this July there were 23,877 active listings, an increase of 55.4 per cent.
“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” chief market analyst Jason Mercer said in a news release.
“This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.”
Provincewide, Ontario home prices rose slightly in July, continuing a trend of broad stability set in February, according to figures from the Canadian Real Estate Association.
On a year-over-year basis, the average single-family home in the province sold for $959,600 in July, down 5.2 per cent from the average of $1.012,400 they sold for in July 2023.
The numbers are seasonally adjusted and do not take inflation into account.
Inflation, depending on what measure you choose, is running at between 3.4 and 3.7 per cent.
“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” CREA senior economist Shaun Cathcart said in a release.
On a provincewide basis, prices for condominiums in a year-over-year comparison fell 6.7 per cent, and townhouses fell 4.3 per cent.
“While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set for the return of a more active housing market,” CREA chair James Mabey said in a release.
Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province — single-family homes in Sault Ste. Marie were up 2.5 per cent year-over-year, and those in North Bay were up 3.4 per cent.
— With files from Patrick Cain
Use the interactive below to explore your region.
