August Real Estate Market

Toronto Real Estate Board August MLS sale statistics:

• GTA single family home sales including condominiums - 5294.
• Volume - down 5.2%, compared to August 2022 5584 sales.
• Volume - up 0.1% compared to July 2023 5245 sales.
• Average price of a GTA single family home - $1,134,781.
• Down 4.6% from 2022's average price of $1,189,746.

“More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July. As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales,” said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

• November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
• August 2023 0-65% of central district properties sold for over asking price daily. (Based on district.)

The August residential resale market was a slow and mixed market.

• Central Toronto freehold inventory remained limited, although new listings were up.
• Some properties are unsold after 2, 3 months or more.
• Some under priced or reasonably priced homes sold in "bidding wars".
• The 3.4 months of condo resale supply on the market was the highest level since 2014 and above the 10 year average of 2.4 months.
• Condo prices decreased 0.9% annually to an average of $705,572.
• Condominium apartment assignment sales are now selling for what the value was four years ago.