{"id":6508,"date":"2022-09-08T05:10:18","date_gmt":"2022-09-08T13:10:18","guid":{"rendered":"https:\/\/blog.justo.ca\/blog-admin\/?p=6508"},"modified":"2023-09-13T11:06:07","modified_gmt":"2023-09-13T19:06:07","slug":"toronto-real-estate-market-home-sales-down-34-year-over-year-but-up-15-from-july-2022","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/toronto-real-estate-market-home-sales-down-34-year-over-year-but-up-15-from-july-2022\/","title":{"rendered":"Toronto Home Sales Down 34% Year-Over-Year, but up 15% from July 2022"},"content":{"rendered":"\n

Toronto Real Estate Market Update – August 2022<\/strong><\/p>\n\n\n\n

The Toronto Regional Real Estate Board<\/a> (TRREB) reported 5,627 home sales in August 2022, representing a year-over-year dip of around 34 percent, which is a slower annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase of 15% compared to July<\/a>, which saw 4,912 home sales. <\/p>\n\n\n\n

The average selling price remained fairly steady, up less than $10,000 compared to August 2021, to $1,079,500. This is the first time since February that prices have increased month-over-month. Less expensive home types, including townhomes and condo apartments, is where the modest price growth occurred, as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.<\/p>\n\n\n\n

\"Home
Close up view hand of Realtor giving key home buyer.<\/figcaption><\/figure>\n\n\n\n

\u201cIncreasing interest and mortgage rates in recent months have slowed sales and pull down prices, ending bidding wars and encouraging prospective buyers to sit on the sidelines and wait for greater price drops,” says Justo\u2019s Broker of Record Alex Kvitnitsky. \u201cThe modest price and sales increase is a good sign that the Toronto real estate market may be starting to stabilize.\u201d <\/p>\n\n\n\n

Here are key market highlights for the Toronto real estate market from August 2022:<\/h3>\n\n\n\n