Balanced Market Conditions. Fewer Home Sales. Strong Demand for Housing - Both Ownership and Rental.
- By most accounts, August 2023 looked remarkably similar to August 2022. This tells us that the market hasn’t changed a whole lot. We saw a little less volume and a little more price than last year.
- When compared to last August, sales were down by 5.2 percent while new listings were up by 16.2 percent.
- GTA average selling prices remained virtually unchanged compared to last year, with an increase of 0.3 percent to $1,082,496.
- September data will set the tone enough to be decisive in telling us whether or not we’ll finish strong or fizzle out for the rest of 2023.
- “Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area and broader Greater Golden Horseshoe. Record immigration levels alone will assure this. In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy,” said TRREB President Paul Baron.
Want more details? Check out TRREB's Full Report
August 2023 vs. August 2022
August 2023 vs. July 2023
Click here to see Toronto Real Estate Board's Full Report
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