Softening home prices and interest rates may have spurred some Toronto buyers to take action this summer, according to a new report from the

Toronto Regional Real Estate Board (TRREB) released Wednesday. Seasonally adjusted data showed home sales in the Greater Toronto Area (GTA) climbed 13 per cent from June to 5,744 in July, the metro’s strongest monthly gain since October 2024.

However, from June to July, new listings ticked up by just 0.4 per cent while the benchmark price slipped slightly by 0.2 per cent to $979,000. The average number of days that properties were on the market (including those listed more than once) climbed from 36 to 41 year-over-year.

Shawn Zigelstein, an Ontario broker from Royal LePage Signature Realty, said he expects a flat market for the rest of the year.

“I don’t see that suddenly everything is going to start getting multiple offers, sell well over asking price and well over the values that they were at a number of years ago,” Zigelstein said, noting that during the housing market’s peak, the average number of days a property was on the market was under 15.

“I think there are so many question marks, whether it’s tariffs and trade, job security and people’s investment accounts,” he said. “There’s so much uncertainty there.”

Still, he noted it was a positive sign that sales of all product types, from

condos to detached homes, were up year-over-year. Sales increased by 11 per cent, new listings were up 5.2 per cent and the benchmark price fell 5.5 per cent compared to July 2024.

“Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales,” said TRREB president Elechia Barry-Sproule in the report. “It’s clear that a growing number of households are finding affordable options for homeownership.”

Condo sales ticked up 5.8 per cent from last year with the average price down over nine per cent, TRREB reported.

But a previous report from TRREB found total condo apartment sales in the GTA plunged nearly 21 per cent in the second quarter of 2025 compared to the same quarter last year.

Zigelstein said he expects slow growth in condo sales moving forward, with smaller units impacted the most by low demand, and prices to fall further this year.

“What we’re seeing is, across the entire board, condos are taking a lot longer to sell and and they’re just not selling (for what) a lot of people want them to sell at, which encourages buyers to come in with lowball offers and … pick up some units.”

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He suggested that a new trade deal with the U.S. could stimulate buyer confidence and make a massive difference in the marketplace. But until then, he’s keeping his expectations low.

TRREB chief information officer Jason Mercer called for the Bank of Canada to cut interest rates to encourage more home sales and stimulate the economy. The central bank last held its key rate at 2.75 per cent in July.

“Recent data suggest that the Canadian economy is treading water in the face of trade uncertainty with the United States,” Mercer said.

“A key way to mitigate the impact of trade uncertainty is to promote growth in the domestic economy. The housing sector can be a catalyst for growth, with most spin-off expenditures accruing to regional economies.”