Home buying demand is still trailing last year’s late summer pandemic market by double digit percentages, but there are signs conditions are perking back up; August numbers from the reveal the year-over-year decline in transactions is at its smallest difference in four months, with sales up 14% from July.
And, says the Board, sellers conditions are starting to tighten up, with sales marking a larger proportion of the 10,537 newly listed homes . Compared to the market peak recorded in February, sales have dropped by 38%, and more than $255,000 has come off the average home price, down 19%. According to TRREB, that the average price saw monthly growth compared to a decline in the HPI index suggests a greater share of more expensive home types sold in August.In the City of Toronto, a total of 1,892 homes sold, marking a -36% YoY decline, with the average price coming in 3.2% higher than in 2021, at $1,031,979.
“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market,” he says.
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