Home sales in the Greater Toronto Area (GTA) fell 34% in August from a year earlier as higher
interest rates continue to impact Canada’s biggest housing market.
However, the Toronto Regional Real Estate Board (TREB) said that home sales across Greater
Toronto were up 15% in August from July of this year as some buyers sought to take advantage
of lower prices.
The board said sales in August totalled 5,627 compared to 8,549 in August 2021, and 4,900 in
July of this year.
The 34% year-over-year decline comes as Toronto’s real estate market has cooled from the
overheated conditions seen last summer.
Rising interest and mortgage rates have hurt sales and pushed prices lower, ending bidding
wars and encouraging prospective buyers to wait for even more price declines.
The average home price in Toronto during August was $1,130,463, up 2% month-over-month,
but down 12% from $1,285,129 a year ago.
New listings in August totalled 10,537, down 1% from 10,615 in August 2021.
