We had a slow August. The average price for a house in Toronto was down 10% since May and house sales in August were down 12% compared to last year. To give you some further context, the number of homes available for sale by the end of the month was up 27% in comparison to last year.
There was far more supply than demand in the market. It will remain to be seen if the seasonality expected for the Fall market will put a dent into this. With routines and lifestyles back to normal for most and the interest rate hold we saw earlier this month, there likely will be an uptick in activity this month. How significant and how long that will last will be apparent within the next couple of weeks.
It’s important to note that Condos have been more impacted than detached homes, with a longer shelf life and more inventory.