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.
The Toronto Regional Real Estate Board revealed Wednesday that last month brought 5,294 sales, almost one per cent more than July's sales. However, August's sales amounted to a 5.2 per cent drop from the previous year.They were matched with an average home price of $1,082,496, three per cent lower than in July and a 0.3 per cent increase from last August.
“Looking forward, we know there will be solid demand for housing - both ownership and rental - in the Greater Toronto Area and broader Greater Golden Horseshoe. Record immigration levels alone will assure this,” Paul Baron, the board's president, said in a press release. “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. “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 home sales little changed from July to August but expect volatility: boardThe 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.
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Toronto home sales little changed from July to August — but expect volatility: boardThe 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.
Lire la suite »
Toronto home sales little changed from July to August — but expect volatility: boardThe 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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