In August, the Greater Toronto Area experienced a decline in home sales and prices compared to a year earlier. According to the most recent data, a total of 5,057 homes were sold during the month, marking a 2.1% decrease from the same period last year. This also represents a slight drop of 1.3% from July when adjusted for seasonal variations.
The average home price in the region fell by 2.7% to $993,410, with the composite benchmark price seeing a larger decline of 4.5%. Notably, the average price dipped below the $1 million mark for only the second time in 2023, with the first occurrence taking place in January.
New listings also saw a significant reduction, with only 12,075 homes entering the market in August, which is a 14.1% decrease from the previous year. This reduction in available properties could potentially impact buyers’ decisions in the coming months.
Daniel Steinfeld, president of the regional real estate board, noted that buyers might face challenging decisions ahead. Should inventory levels tighten further and prices start to climb, those waiting for more economic stability might find themselves having to purchase homes at higher prices later on.