Real estate activity is picking up across the Greater Toronto Area.

(Tyler Anderson/National Post)

The latest numbers from the Toronto Real Estate Board show sales were up 18.6% in July compared with a year ago, and follows a 2.4% increase in June after a decrease of over 22% in May.

The average selling price rose 4.8% to $782,129.

There were nearly 14,000 new listings last month, down 1.8% from a year ago.

Detached homes sold in Toronto were the most expensive with an average price of $1.35-million, while in the rest of the GTA they went for $907,347.

Economists feel the Toronto market’s stabilizing after the shock from Ottawa’s tighter mortgage rules that were introduced in January and that the second half of the year would start seeing stronger numbers.