GTA REALTORS Release August 2023 Stats

In August 2023, the Greater Toronto Area (GTA) real estate market witnessed a 5.2% decline in home sales compared to the previous year, attributed to higher borrowing costs, economic uncertainty, and limited housing supply. Despite this, the average selling price remained relatively unchanged at around $1,082,496. New listings increased by 16.2% year-over-year, offering some relief to the supply issue, though year-to-date listings remained substantially lower. The market displayed slight month-over-month declines in both sales and average prices. While strong housing demand is expected due to factors like record immigration levels, ongoing market volatility is anticipated as stakeholders await greater economic clarity. Additionally, potential tax increases, including municipal land transfer taxes on high-value properties, may impact affordability, particularly for younger homebuyers with limited savings.