The Toronto Regional Real Estate Board (TRREB) has published the sales data for August. With 5,294 home sales reported through the local MLS, transactions were down 5.2% when compared to the same period last year.  

The average selling price of $1,082,496 is virtually unchanged from last August, representing a year-over-year increase of 0.3%. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 2.47% year-over-year (+1.12% in Toronto). 

Greater Toronto Area (GTA) housing market conditions remained consistent with the previous month. New listings were up 16.2% year-over-year to 12,296. Active listings were up 16.5% year-over-year to 15,497, representing a 2.93-month supply heading into September. The average sale took place in 20 days on market and at 100% of the listing price. 

Looking at prices by housing type: Detached homes sold for an average of $1,416,366, a year-over-year increase of 2.8%, and a month-over-month decrease of 0.8%. The average price for semi-detached homes was $1,067,980 (+6.9%/-3.1%), townhomes sold on average for $935,800 (+3.9%/-2.2%), and the average price of condos was $705,572 (-0.9% / -4.0%).

Higher interest rates, uncertainty around the Bank of Canada’s decision-making direction, and a constrained supply of listings resulted in fewer home sales in August. Looking forward, the outlook for ownership housing demand remains robust based on strong population growth. However, in the short-term, many homebuyers will continue to wait on the sidelines for the direction of monetary policy and the economy to become clearer. 

If you are planning to to buy or sell real estate, please speak with our team. We are here to help you stay informed. Harvey Kalles Real Estate has been in business since 1957 and we bring a wealth of experience to uncertain real estate markets.