The housing market in the Greater Toronto Area experienced a decline in home sales and average prices in August, marking a notable shift from a year ago. According to recent data, 5,057 homes changed hands during the month, representing a 2.1% decrease compared to August of the previous year. On a seasonally adjusted basis, this figure also reflects a 1.3% drop from July.
Average home prices in the region saw a downturn as well, dipping by 2.7% to settle at $993,410. The composite benchmark price witnessed a more pronounced decline of 4.5%. This drop brought the average price below the $1 million mark for only the second time this year, echoing a similar trend observed in January.
Additionally, the number of new listings on the market fell significantly. August recorded 12,075 new homes entering the market, marking a 14.1% reduction from the same month last year. This decrease in listings could potentially impact the choices available to prospective buyers in the coming months.
Daniel Steinfeld, president of the Toronto Regional Real Estate Board, highlighted the potential dilemma faced by buyers in the current market. He pointed out that if inventory continues to tighten and prices start to climb, those waiting for more economic certainty might find themselves purchasing at even higher prices later on.