The Real Estate Crash Just Got Worse (August 2024 Update)

August Real Estate Market Update - GTA

Greater Toronto Area (GTA) home sales were down on a yearover-year basis in August 2024. New listings were up slightly over the same period. While the region's housing market remained well-supplied in August, average home prices only edged slightly lower compared to August
2023.

"The Bank of Canada's rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in
borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market," said Toronto Regional Real Estate Board (TRREB)
President Jennifer Pearce.

GTA REALTORS® reported 4,975 home sales through TRREB's MLS® System in August 2024 – down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS® System
amounted to 12,547 – up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month.
The MLS® Home Price Index Composite benchmark was down by 4.6 per cent year-over-year in August 2024. The average selling price was down by a lesser 0.8 per cent compared to August 2023 to $1,074,425. The
different annual rates of change between the MLS® HPI Composite and the average selling price were largely due to an increase in the share of detached home sales compared to last year, impacting the average price. On a seasonally adjusted basis, the average selling price edged lower compared to July.

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⏰⏰TIMECODES:⏰⏰

0:00 - Intro
1:15 - 1. Sales Activity
1:25 - 2. Sales Prices
1:46- 3. Active Listings
2:33 - 4. Mortgage Updates Vince

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