#MarketSnapshot
The Toronto Regional Real Estate Board (TRREB) has reported positive movement in the Greater Toronto Area housing market this August, with sales rising 2.3% year-over-year. A boost in listing inventory has created more options for buyers, which in turn has helped keep average selling prices more competitive.
According to TRREB President Elechia Barry-Sproule, “We’ve seen a modest increase in home sales this summer. With inflation under control and the potential for additional interest rate cuts from the Bank of Canada, we could see more affordability for buyers—supporting not just homeownership but also broader economic growth.”
Key August Highlights:
- Total Home Sales: 5,211 (↑ 2.3% vs. August 2024)
- New Listings: 14,038 (↑ 9.4% year-over-year)
- Average Selling Price: $1,022,143 (↓ 5.2% year-over-year)
- MLS® Home Price Index (HPI) Benchmark: Down 5.2% year-over-year
Despite steady activity, affordability remains a concern. Many households are still finding it difficult to qualify for an average-priced home, even with lower mortgage rates and prices compared to last year.
TRREB Chief Information Officer Jason Mercer added, “If borrowing costs continue to ease, more buyers are likely to enter the market, especially given the current surplus of available listings.”
Looking ahead, TRREB CEO John DiMichele emphasized the role of major infrastructure projects—such as affordable housing and public transit—in supporting long-term economic stability. In the short term, stimulating housing demand could be a key driver of economic recovery.
