Numbers are in for July 2023…how did the back-to-back interest rates in addition to the seasonally slower summer market affect the housing market here in Toronto? New listings were up slightly this July compared to last year. We had 13.8K new listings in July, which was an 11.5% increase from last year, but a 13.6% decrease compared to June’s numbers Sales were up 7.8% compared to July 2022, but there was a 30% drop compared to June’s activity. The slower market this past month translated to a decrease in average sale price when compared to June. The average sale price came in at $1.12M, a 4.2% increase from July 2022 but this was a 5.4% decrease from the previous month. The seasonally slower market coupled with the two interest rate increases saw a slowdown in the market this past month. We believe this trend will continue into August and early September. However, if the government decides to keep the rates as is, in September, a historically better maker than July and August, expect the average prices to rebound.