Toronto’s housing market is heating up while buyers are feeling cautious.

The latest report from the Toronto Regional Real Estate Board says home sales, listings and prices were up in July compared with July of last year, but activity looks to be slowing because of higher interest rates.

The average selling price of a home in the GTA last month was $1.12-million, up just over 4-percent from July of 2022.

Sales and prices trended lower from June with sales down nearly 9-percent and the average price down less than 1-percent.

The report’s authors say it seems the sales momentum seen in the spring has somewhat stalled since the Bank of Canada restarted its rate tightening cycle in June.