Toronto home sales drop 34% in August, average prices virtually flat

The average sale price rose slightly to $1,079,500

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The number of homes sold in August fell 34.2% from the same month last year, signaling a calmer market for homebuyers amid rising mortgage rates.

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Toronto Regional data The Real Estate Board shows there were 5,627 home sales in August, up from 8,549 in 2021. The new number, however, is up slightly from July home sales.

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« While higher borrowing costs have impacted home buying decisions, existing homeowners nearing mortgage renewal are also facing higher costs, » the report said. Chairman of the Board, Kevin Crigger.

Friday’s report also found that sales accounted for a higher share of new listings compared to the previous three months. The real estate board said this could indicate some support for selling prices in the coming months.

He also said the MLS home price index rose 8.9% from a year earlier, while the average selling price for all sales rose only slightly, by 0.9%. %, going from $1,070,201 to $1,079,500.

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