![\"\"](\"http:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/09\/MillsTeam_August_SocialStats_800x800_Sept05_2024_2.png\")
<\/p>\nTORONTO, ONTARIO, September 5, 2024 \u2013 Greater Toronto Area (GTA) home sales were down on a yearover-year basis in August 2024. New listings were up slightly over the same period. While the region\u2019s housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023. \u201cThe Bank of Canada\u2019s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,\u201d said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.<\/p>\n
<\/p>\n
GTA REALTORS\u00ae reported 4,975 home sales through TRREB\u2019s MLS\u00ae System in August 2024 \u2013 down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS\u00ae System amounted to 12,547 \u2013 up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month. The MLS\u00ae Home Price Index Composite benchmark was down by 4.6 per cent year-over-year in August 2024. The average selling price was down by a lesser 0.8 per cent compared to August 2023 to $1,074,425. The different annual rates of change between the MLS\u00ae HPI Composite and the average selling price were largely due to an increase in the share of detached home sales compared to last year, impacting the average price. On a seasonally adjusted basis, the average selling price edged lower compared to July.<\/p>\n
![\"\"](\"http:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/09\/MillsTeam_August_SocialStats_800x800_Sept05_2024_3.png\")
<\/p>\n
\u201cAs borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices. Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate, at least in the initial phases of recovery,\u201d said TRREB Chief Market Analyst Jason Mercer. \u201cToday\u2019s elevated listing inventory will ultimately recede. We need to maintain a sustained focus on boosting home construction, especially as it relates to producing the right mix of home types to meet consumers\u2019 needs. This new housing also has to be affordable. Municipalities can help by reducing development charges, which are ultimately passed on to home buyers. If people can’t find affordable housing in the GTA or surrounding Greater Golden Horseshoe, they will move elsewhere, and not necessarily to other parts of Ontario or Canada. Housing is a key driver of our region’s economic development,\u201d said TRREB CEO John DiMichele.<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO, ONTARIO, September 5, 2024 \u2013 Greater Toronto Area (GTA) home sales were down on a yearover-year basis in August 2024. New listings were up slightly …<\/p>\n","protected":false},"author":2,"featured_media":560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"yoast_head":"\n