The GTA housing market saw home sales and prices barely shift between July and August, but the leader of the region's housing board is expecting more volatility on the way.
“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.”
“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 Mercer. Over the same time period, the average townhouse price moved up by just shy of four per cent to $935,800, while average condo apartment prices slid by about one per cent to $705,572.On the sales side, 12 per cent fewer detached homes were sold in August, when compared with a year earlier. Semi-detached property sales fell 14.4 per cent, but condo apartments sales increased 7.6 per cent and townhouse sales moved up 0.6 per cent.
“But even in the direst of economic scenarios, we don’t see affordability returning to Canada’s largest city any time soon,” they said in a report released Tuesday.The first, a severe recession mirroring the one seen in the 1990s, would drive average Toronto home values $185,000 or 16 per cent below current levels by the end of next year, they predicted. By 2025, prices would fall $340,000 or 30 per cent lower than in July 2023, under their modelling.
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Toronto home sales little changed from July to August — but expect volatility: boardTORONTO — The Greater Toronto Area housing market saw home sales and prices barely shift between July and August, but the leader of the region's housing board is expecting more volatility on the way.
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Toronto housing market cools in August amid rising borrowing costs: TRREBHome sales in the Toronto area declined on a year\u002Dover\u002Dyear basis in August while the average selling price remained flat. Read more.
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Toronto housing market cools in August amid rising borrowing costs: TRREBHome sales in the Toronto area declined on a year\u002Dover\u002Dyear basis in August while the average selling price remained flat. Read more.
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