In August 2023, the Toronto Regional Real Estate Board reported a 5.3% decline in home sales year-over-year, with average prices down 0.8%. New listings increased by 1.5%.
TRREB's president stated that the Bank of Canada's recent rate cut would enhance affordability for variable-rate mortgage holders, especially first-time buyers, motivating a potential increase in buying activity.
Debbie Cosic highlighted the current housing market conditions as 'almost debilitating' for first-time buyers, who face challenges qualifying for mortgages amidst high interest rates and large deposits.
Despite a slight month-over-month increase in sales, the overall climate in the Toronto housing market reflects a downturn compared to the previous year's performance, especially in the condo sector.
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