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🇨🇦 Canada /Economy & Trade

Greater Toronto home sales fall 2% in August as average price slips below $1 million

From Global News · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire From a news agency Context piece
  • Greater Toronto Area home sales fell 2.1% year over year in August to 5,057, and declined 1.3% from July on a seasonally adjusted basis.
  • The average selling price dropped 2.7% annually to $993,410, while the composite benchmark price fell 4.5%.
  • New listings declined 14.1% from a year earlier to 12,075, raising the possibility of a trade-off for buyers if inventory tightens and prices rise.

Home sales in the Greater Toronto Area declined in August, while the average selling price dipped below $1 million for only the second time this year.

The Toronto Regional Real Estate Board recorded 5,057 transactions, down 2.1% from August last year. Sales also fell 1.3% from July after seasonal adjustment.

The average selling price stood at $993,410, a 2.7% year-over-year decline. The composite benchmark price, which represents a typical home, dropped 4.5%.

August marked the second time this year that the average price fell below $1 million. January was the first such month in five years.

New listings also weakened, with 12,075 homes entering the market, down 14.1% from a year earlier. Toronto Regional Real Estate Board president Daniel Steinfeld said buyers could face a choice between waiting for greater economic certainty and purchasing before prices begin to rise if inventory becomes tighter.

If inventory tightens and home prices begin to rise, some buyers may face a trade-off between waiting for greater economic certainty and purchasing before prices move higher.

· Daniel SteinfeldThe Toronto Regional Real Estate Board president described the potential choice facing buyers.
About this summary

Originally published by Global News in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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