Toronto home sales rise for fifth straight month in July; prices edge higher

Greater Toronto Area home sales rose in July for a fifth straight month and prices increased. (This is a representative AI image)Home sales in the Greater Toronto Area (GTA) rose for the fifth consecutive month in July, while prices also increased, as signs of improvement in Canada's economy offered some support to the housing market.Seasonally adjusted home sales rose 3.2% from June to 5,582 units, the highest monthly level since September last year, according to data released by the Toronto Regional Real Estate Board (TRREB) on Thursday.The benchmark home price index also increased 0.3% month-on-month on a seasonally adjusted basis to C$933,800, marking the second consecutive month of price gains.The improvement in the housing market comes as recent economic data has pointed to stronger-