Home sales took a shocking year-over-year plunge as of August, falling 34.2 per cent from the previous year with 5,627 sales region-wide. The situation looks a little less worrying on a monthly basis, with August sales actually registering a month-over-month increase from July.
From March through July 2022, the average price of a GTA home slid by between 2.5 per cent and 3.9 per cent each month, though price growth has witnessed a resurgence since August, when prices increased by 2.1 per cent month-over-month to $1,079,500. Experts warn that higher borrowing costs are impacting purchaser decisions and even existing homeowners.
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