It’s not every day Toronto home buyers get to breathe. But a surge in housing inventory across the Greater Toronto Area is doing just that—reshaping strategies and offering a rare window for those long sidelined by relentless bidding wars and soaring prices.
For years, buyers in Toronto and the GTA faced a market that seemed impervious to their hopes—limited listings, fierce competition, and prices that climbed with no end in sight. This summer, though, something shifted. According to the Toronto Regional Real Estate Board, July delivered a nearly 11 percent rise in home sales over the previous year, with more than 6,100 properties changing hands. At the same time, average selling prices fell by 5.5 percent to $1,051,719, and inventory jumped by over 26 percent region-wide.
Buyers like Jon Campbell—who once dismissed the possibility of owning in the current climate—suddenly found themselves able to bid, negotiate, and even take a breath before making decisions. This wasn’t pure luck. More listings and slightly lower prices have created an environment where buyers can act with more certainty and less panic. As Cailey Heaps, CEO of the Heaps Estrin Team, put it, “More listings plus slightly softened prices have created opportunity, prompting many long-waiting buyers to act.”
Crucially, this is not a bargain hunter’s market. Most buyers aren’t snapping up steals; instead, they’re enjoying the relative luxury of choice and the ability to walk away if a deal doesn’t fit. Veteran agents are noting a slower pace, with properties sitting longer and negotiations edging back into the process.
The fuel behind this shift is complex. Slightly more stable interest rates, though still high, intersect with affordability constraints—Ratehub.ca reported the average household income needed to buy in Toronto hit $206,500 in June, far above the city’s median. There’s consensus from experts like Jason Mercer of TRREB that one strong month doesn’t determine a trend. As he said, “If we see a couple more months moving into the fall… then that would add credence to the argument that we are starting to see more people move off the sidelines.”
Ultimately, the current surge in listings feels less like a permanent correction and more like a rare alignment of factors. The coming months will test whether this window remains open or snaps shut for buyers still waiting for their moment.
References:
‘We finally got in’: How some homebuyers are seizing the moment in a cooling GTA market
