August Real Estate Market

Toronto Real Estate Board August MLS sale statistics:

• GTA single family home sales including condominiums - 5627.
• Volume - down 34.2%, compared to August 2021 8549 sales.
• Volume - up 14.8% compared to July 2022 4900 sales.
• Average price of a GTA single family home - $1,224,216.
• Up 11.8% from 2021's average price of $1,095,339.

"There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections," 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 2022 60-90% of central district properties sold for asking or under daily.

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

• Central Toronto freehold inventory was limited.
• Some properties remain unsold after 2, 3 months or more.
• Prices are softening and homes take longer to sell. However, there are exceptions depending on neighbourhood and property.
• Some homes sell in "bidding wars".
• Price reductions are more common than in the first four months of 2022.
• The City of Toronto relies heavily on the Toronto land transfer tax and given the big decline in sales volume since June, the city's source of revenue has dropped.
• Some buyers and some sellers are taking a pause to see how the fall market unfolds.