Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.

Greater Toronto Area REALTORS® reported 5,294 sales in August 2023 – down by 5.2% compared to August 2022. New listings were up by 16.2% year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year.

Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3% compared to July.

The MLS® Home Price Index Composite benchmark for August 2023 was up by 2.5% year-over-year. The average selling price was also up, but by less than one per cent to $1,082,496 over the same timeframe. On a monthover-month seasonally adjusted basis, the MLS® HPI Composite benchmark was virtually unchanged and the average price edged lower by 1.6%.

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