The average selling price was down at $1,074,425
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Published Sep 05, 2024 • 1 minute read
The Toronto Regional Real Estate Board says home sales in August fell from last year as average home prices edged lower.
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The board says there were 4,975 homes sold in August in the Greater Toronto Area, a 5.3 per cent drop compared with the 5,251 homes sold in the same month a year earlier. Sales were up 0.6 per cent from July on a seasonally adjusted basis.
The average selling price was down 0.8 per cent compared with August 2023 at $1,074,425.
The composite benchmark price, which aims to represent typical homes, was down 4.6 per cent year-over-year.
TRREB president Jennifer Pearce predicts the Bank of Canada’s third consecutive rate cut announced Wednesday will lead to an uptick in activity from first-time buyers, including in the condo market.
New listings in August totalled 12,547, up 1.5 per cent from last year.
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