A total of 5,211 homes were sold through the Toronto Regional Real Estate Board’s (TRREB) MLS System in August, a 2.3% year-over-year increase. On a seasonally adjusted basis, August home sales edged lower month-over-month compared to July
The rise in sales was mirrored by a 9.4% rise in the quantity of new listings entered in the MLS System, totaling 14,038 by the end of last month.
The MLS Home Price Index (HPI) Composite benchmark was down by 5.2% year-over-year in August while the average selling price of $1.02 million was also down by 5.2% compared to one year earlier. August 2024. On a month-over-month seasonally adjusted basis, both the MLS HPI Composite and average selling price were flat month-over-month.
“Compared to last year, we have seen a modest increase in home sales over the summer,” said TRREB President Elechia Barry-Sproule. “With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spin-off benefits.”
