TORONTO REGIONAL REAL ESTATE REPORT DATED 6 AUGUST 2024
GTA REALTORS® reported 4,975 home sales through TRREB’s MLS® System in August 2024 – down by 5.3 per cent compared to 5,251 sales reported in August 2023 and also reduced by 7.8 % compared to 5,391 in July 2024. New listings entered into the MLS® System amounted to 12,547 – up by 1.5 per cent year-over-year. The average selling price was down by a lesser 0.8 per cent compared to August 2023 to $1,074,425.
“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
“As borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices. Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate, at least in the initial phases of recovery,” said TRREB Chief Market Analyst Jason Mercer.