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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

7 September 2017

Toronto housing sales went down in August

Last month, the GTA home sales kept falling, as well as the listings, compared to a year ago.

According to the Toronto Real Estate Board (TREB), August sales were down by 34.8% from the same month in 2016.

This decline is only slightly lower than July’s numbers, which showed a 40% annual drop. The report says the number of high-end home sales were also down compared to a year earlier.

In addition to it, the number of new home listed fell by 6.8% on a year-over-year basis, reaching the lowest level for August since 2010.

TREB’s report shows that actual real estate prices were up slightly, as the average home price in the GTA rose by 3% annually to $732,292.

In the same time, a comparison to the previous several months shows another picture with real estate prices in Toronto falling since the spring.

During the period from April to July, the average GTA housing price fell by almost $175,000. The tendency continued last month with a $15,000 decline from July.

Jason Mercer, director of market analysis for TREB, is thinking that this trend will hardly go on for a long time, as more potential buyers enter the market when the listings are low.

"The potential scenario is that sales may start rising because of reduced listings, pushing home prices higher," – he added.



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