I know that statistics aren't everyone's favourite... but I love them. If you prefer to dicuss the below stats, give me a call. If you like to dive deep, this blog is for you:

Numbers provided by the Toronto Regional Real Estate Board (TRREB) show a drop in sales in August compared to August 22. TRREB cites uncertainty about the economy, high interest rates and fewer available listings for this decline. Year-over-year selling prices remained relatively unchanged with seasonally adjusted prices taking a small dip.

“Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area (GTA) and broader Greater Golden Horseshoe,” says TRREB President Paul Baron. “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.”

In the GTA there were 5,294 sales in August 2023 – down 5.2% compared to August 2022. New listings rose 16.2 per cent on a year-over-over basis which provided much needed inventory, but year-to-date listings are still down compared to last year. Seasonally adjusted sales were down one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3 per cent compared to July.

The average year-over-year selling price for all homes was up by less than one per cent to $1,082,496.

If we dig a bit deeper, a comparison of the GTA vs Toronto market shows a sllight differencein the markets. There was a larger drop in detached and semi-detached homes sales in the 905 versus the 416. Detached sales dropped 11.2% in the 416 and by 12.2% in the 905. Semi-detached homes dropped 12.7% in the 416 versus a 15.2% drop in the 9095. Townhouse sales increased 15.6% in the 416 area but dropped in the 905 by 2.9%. In the 905 condo sales increased 10.1% and 6.5% growth in the 416 region.

Year-over-year prices in the GTA for houses increased 3.8% but dropped .8% in the 416. Semi-detached prices increased 9.4% in the 416 while there was a 5.4% rise in prices in the 905. Townhouses grew 6.2% in the 416 and 3.1% in the 416. Condos were down 1.8% in the 416 but average prices increased in the GTA by 1.6%.

Get all the numbers here. 

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