The data shows 2,729 propertieswere sold in the month, an increase of 27.9 per cent year-over-year, while inventory dropped to a record low of about half of what's historically been available in August.CREB chief economist Ann-Marie Lurie says higher borrowing costs are pushing more homebuyers to either hold off on purchasing a property or gravitate toward more affordable homes available on the market.
The board reported prices increased across all property types, sending the unadjusted benchmark price to $570,700 -- up 7.9 per cent year-over-year and marking the eighth consecutive monthly gain. Despite record sales levels over the past several months, the board says year-to-date sales are still down 15 per cent compared to last year.
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