Home prices in the Greater Toronto Area (GTA) saw a slight dip in August as sales remained relatively flat compared to the month prior, the Toronto Regional Real Estate Board (TRREB) reported on Wednesday.August saw a total of 5,294 sales across the GTA, just 44 more than were seen in July. Compared...
. Compared to the same time last year, however, August 2023 showed a 5.2% decline. Detached and semi-detached homes, specifically, were responsible for the overall decline, with sales down 12% and 14.4%, respectively, for the housing types. Townhomes and condos, which tend to be the more affordable housing types, saw sales increases of 0.6% and 7.6%, respectively.
New listings fell 10% from July to August, hitting 12,296 last month. However, a change in this measure can be seen in the opposite direction when looking on an annual scale, with new listings up 16.2% compared to the same time last year. Although this increase has provided some relief on the supply front, TRREB notes that looking at all of 2023 thus far, "listings are still down substantially compared to the same period last year.
“More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July," said TRREB Chief Market Analyst Jason Mercer. "As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments.
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