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.
Related News Articles
Massive Violation of Real Estate Laws: 900 Property Documents Found Non-Compliant in Pune, Mumbai, and Thane
Over 900 property documents in Pune, Mumbai, and Thane districts have been found violating MahaRERA and Fragmentation Act norms, highlighting widespread malpractices in property registrations.
Maharashtra Assembly Elections 2024: Uncertainty Looms as Polls are Delayed
Pune: The Election Commission of India's decision to hold polls in Maharashtra and Jharkhand after Diwali has created uncertainty among political parties and aspirants, leading to a halt in seat-sharing discussions and a rise in rebel candidates.
UP Builders May Lose Land for Failing to Pay Rehabilitation Advance
The move aims to ensure transparency and accountability in real estate development, ensuring that only serious builders participate in these housing projects.
Maharashtra & Jharkhand: Single Phase and Dual Phase Elections 2024
Maharashtra and Jharkhand are gearing up for the 2024 elections, with the former set to hold a single-phase election while the latter will conduct a dual-phase poll. The electoral process, challenges, and expectations are discussed in detail.
Elan Group Secures ₹1200 Cr Growth Capital from Kotak Real Estate Fund
Kotak Real Estate Fund, a leading alternative real estate investment management firm, has injected ₹1200 crore into Elan Group, one of India's prominent real estate developers. This strategic investment is aimed at fueling Elan Group's expansion and devel
Real Estate Sees Over 50% Demand Surge in Industrial and Logistics Sector in Q3 2023
The industrial and logistics real estate sector in India witnessed a remarkable surge in demand, recording over a 50% growth in the July-September quarter of 2023. This unprecedented growth is attributed to a combination of favorable government policies,