August 2023 Home Sales in Greater Toronto Area: Lower Sales, Stable Prices
Higher borrowing costs and economic uncertainty led to a 5.2% drop in home sales compared to last year. However, the average selling price remained steady. New listings increased by 16.2%, providing some relief, but year-to-date listings are down.
Interest rate hikes in May led to buyers adjusting offers for higher payments, affecting sales. The MLS® Home Price Index saw a 2.5% YoY increase, while the average price edged up slightly.
The interest rate announcement left the prime rate unchanged which should help improve the economic slowdown and increase real estate activity.
Are you wondering what this means for the value of your home?
Give us a call on 416-786-0035 or dm @boltonandclements and we'll provide you with expert advice on what this means to you specifically.
Yours in real estate,
Bolton & Clements Real Estate Group