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).
Seeking more strategic insights about home ownership? Consider these other posts from our blog.
- An Essential Guide to Property Values
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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.
Thinking about selling your West Toronto or Etobicoke home? Consider these blog posts.
- How to Sell Your Home Without Losing Money
- How Agent Performance Impacts Sellers
- Should You Renovate Before You Sell?
If you are planning to buy or sell real estate, please speak with our team. We are here to help you stay informed. Christensen Real Estate Group has been in business for over four decades and we bring a wealth of experience to uncertain real estate markets.
For over 40 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs. Email us at info@christensengroup.ca or call at 416-722-4723.
