For those of you lucky to be on holiday in August, I hope it was a terrific time. It was certainly lovely, weather-wise. And now, even though summer’s not quite over, you can feel the fall winds blowing. I hope that the first days back to school and work were smooth and stress free, it can be a challenge getting back into those routines!
As expected, the August real estate market was slow and steady. With 5,294 sales reported by the Toronto Regional Real Estate Board (TRREB), there were 5.2% fewer sales this past August vs August 2022. And although 5,000+ sales may sound like a high number, keep in mind that this includes houses of all types as well as condominiums – in the entire GTA! The volume of properties available increased somewhat in August, although supply continues to be significantly lower in 2023 overall.
In case you’re wondering what the fall market will bring, I think it’ll be a typical autumn event, a flurry of activity through September and October and perhaps into November as well. The last interest rate decision by the Bank of Canada, on September 6th, was good news/bad news – the economy is slowing and as a result the bank rate held at 5%. The next interest rate decision date on October 25th may affect momentum heading into late fall. If we see another increase the market may stall for the remainder of the year…tbd. However, market experts expect the Bank of Canada will hold rates for the remainder of the year.
If you’d like more detailed market information, please read on:
Central Toronto REALTORS® reported 119 detached home sales through the Toronto MLS® in August 2023; and on average, these detached homes sold for $2,231,880.
Last year, in August 2022, Toronto MLS® reported 140 freehold detached home sales across Toronto – which is a 15% decrease in volume for this year. It was also reported that on average, freehold detached homes sold for $2,423,502 in August 2022 – and that’s a 8% decrease in sale prices for this August.
With respect to semi-detached homes… Central Toronto REALTORS® reported 98 semi-detached home sales in August 2023; and on average, these semi-detached homes sold for $1,417,215 last month.
That compares to 108 semi-detached home sales in August 2022 – which is a 9% decrease in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,300,469 in August 2022 – and that’s a 9% increase in sale prices for this August.
With respect to condo sales, Central Toronto REALTORS® reported 618 condo sales in August 2023; and on average, these condos sold for $797,312 last month.
In August 2022, there were 631 condo sales – which is a 2% decrease in volume for this year. On average, these condos sold for $800,731 – and that’s a 0.4% decrease in sale prices for this August!
We hope you find this August report useful. If you’d like to discuss it, or have specific questions about your neighbourhood or another one that interests you, please call or email me directly.
Take care and stay safe!