GTA REALTORS Release August 2024 Stats
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by John Siarkas
- September 8, 2024
- Buyers, Investors, Sellers
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| In August 2024, GTA home sales dropped by 5.3% compared to the same month in 2023, with 4,975 sales reported. However, new listings increased slightly by 1.5%, reaching 12,547. The average home price saw a slight decrease of 0.8% year-over-year, settling at $1,074,425. The MLS® Home Price Index Composite benchmark fell by 4.6% during the same period, mainly due to an increase in the share of detached home sales.
The recent Bank of Canada rate cut is expected to improve affordability, particularly benefiting first-time buyers with variable rate mortgages. As borrowing costs decrease, demand is anticipated to rise, although ample housing supply may keep price growth moderate in the short term. |
