Toronto Home Sales See Modest Increase in August 2024
Toronto Home Sales: Seasonally adjusted sales increased 0.6% in August following a drop of 0.8% in July, according to Toronto Regional Real Estate Board (TRREB) data.
Toronto Home SalesReal Estate MarketInterest RatesMortgage RatesHousing Market TrendsReal EstateSep 05, 2024
The August rise was only the third monthly increase in the last eight months, TRREB data showed. Average prices for homes were down 0.8% last month to C$1.12 million ($815,178), ending a six-month rising streak, while new listings fell 1.6%, TRREB said in a release.
Housing economists and real estate agents have predicted that home prices would gradually start to fall as new listings rise as some homeowners, burdened with high interest rates, seek an exit to avoid defaulting on mortgages. The trend usually unfolds first in Toronto, Canada's largest city. Toronto accounts for two-thirds of Canada's condominium sales and is considered a bellwether for other big metropolitan areas.
The central bank cut its key policy interest rate by 25 basis points for the third time in a row on Wednesday, shrinking it to 4.25%. Money markets are pricing in an almost 100% chance of another 25-basis-point cut in October, followed by a cut in December, which could potentially bring interest rates to 3.75% by year-end.
Despite the central bank's rate cuts, buying activity in Toronto's housing market has not flared up as people continue to wait for rates to drop further, TRREB said. \
Frequently Asked Questions
What was the change in seasonally adjusted sales in August 2024?
Seasonally adjusted sales increased 0.6% in August 2024.
What was the average price of homes in August 2024?
The average price of homes was C$1.12 million ($815,178) in August 2024.
What is the trend in new listings in the Toronto housing market?
New listings fell 1.6% in August 2024, according to TRREB data.
What is the expected trend in mortgage rates in the coming months?
Money markets are pricing in an almost 100% chance of another 25-basis-point cut in October, followed by a cut in December, which could potentially bring interest rates to 3.75% by year-end.
What is the outlook for the Toronto housing market in the coming months?
Despite the central bank's rate cuts, buying activity in Toronto's housing market has not flared up as people continue to wait for rates to drop further, TRREB said.
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