Toronto home sales little changed from July to August — but expect volatility: board
BNN Bloomberg
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.
The numbers reflect higher borrowing costs and uncertainty about the economy and the Bank of Canada's decision making, which has resulted in ten interest rate hikes over the last 18 months. The bank was due to make another interest rate announcement Wednesday morning.
