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August Market Stats Analysis
With August being a historically slow month for sales, and assumptions throughout the month about a potential rate increase in September compounding things, we saw some very interesting statistics throughout Toronto and the GTA last month. Thankfully, the Bank of Canada held the overnight rate, and now we can look ahead to what will likely be a more robust fall market as a result.
There area few stand out points to consider for August:
- The number of new listings increased year over year across the city. This was a combination of sellers trying to get on the market ahead of the rate announcement and the last spring market still trickling down to push sellers onto the market after purchasing late in the spring.
- Two areas that saw a huge increase in new listings year over year will likely continue to feel the affect on prices, well into the fall. Downtown condo market saw an increase of just over 40% and Durham almost 20%. Interestingly, the Beaches neighbourhood saw a decrease of almost 15% new listings.
- There was a moderate decrease of about 2.5% in prices across the city year over year, noting that August of 2022 was before the peak of the down market in 2022. Again, likely indictivie of some higher numbers coming out in previous months this year and buyers taking a small step back and sellers being eager to move inventory before September's Bank of Canada announcement.
- Finally, The GTA and Durham saw little change in the number of sales year over year, down 0.05% and 3.72% respectively, but the Beaches saw just over 46% more sales than the previous year.
So, not all neighbourhoods are experiencing the same effects of the market, and this is why it's important not to rely on just statistics. Dedicated, experienced and hands on professionals are what make the difference between information and knowledge.
Give us a call to talk about what is happening in your neighbourhood!
Want to see more about specific area’s of the GTA
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