August brought “no surprises” for the Greater Toronto Area’s residential real estate market, according to a newHomebuyer hopefuls were still in the grips of interest rates last month, says the brokerage, and the challenging financial circumstances resulted in just 5,294 properties changing hands. Though that figure edged up from 5,245 sales recorded in July, it was 5.2% below the 5,584 sales recorded in August 2022.
“By comparison, condominium apartment sales volumes increased by 7.6% compared to last August. These numbers are clearly a reflection of the affordability barriers impacting buyers.” Unsurprisingly, condo prices were higher in the City of Toronto and higher still in the city’s central core , “where 63% of all condominium apartment sales take place.”“The sales of detached and semi-detached properties that took place did so at a pace and at sales-to-list ratios that are more consistent with a classic robust market, notwithstanding the low sales volumes,” says Kapches.
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