The Toronto Regional Real Estate Board revealed Wednesday that last month brought 5,294 sales, almost one per cent more than July's sales. However, August's sales amounted to a 5.2 per cent drop from the previous year.
The quick succession of rate hikes has so far pushed many prospective homebuyers to pause their purchasing plans and sellers to hold off listing their properties until buyers are more confident in their borrowing power again. Jason Mercer, the board's chief market analyst, found the hikes have so far played a large part in how the region's conditions shifted from season to season.
The average price of a detached home in Greater Toronto ticked up almost three per cent to more than $1.4 million in August year-over-year, while semi-detached properties rose nearly seven per cent to slightly more than $1 million. Amid these changes and a predicted recession, Desjardins economists Jimmy Jean and Marc Desormeaux noticed many prospective Toronto homebuyers are sensing an opening.
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