Toronto home sales little changed from July to August but expect volatility: board
Global News
The 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.
TORONTO — 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.
The quick succession of rate hikes has so far pushed many prospective homebuyers to pause their purchasing plans and sellers to hold off listing their properties until buyers are more confident in their borrowing power again.
“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.
“In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy.”
Jason Mercer, the board’s chief market analyst, found the hikes have so far played a large part in how the region’s conditions shifted from season to season.
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