August home sales were up on a year-over-year basis in the Greater Toronto Area, with buyers having more listings to chose from and better negotiating power over selling prices. The most recent data from the Toronto Regional Real Estate Board (TRREB) recorded 5,211 home sales last month, up by 5,211 home sales compared to August 2024.

“With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs,” said TRREB President Elechia Barry-Sproule. “Greater affordability would not only support more home sales but also generate significant economic spin-off benefits.”

New listings amounted to 14,038 – up by 9.4 per cent year-over-year; whereas the average selling price, at $1,022,143, was down by 5.2 per cent. In the condo industry, the average selling price dipped by 5 per cent to $642,195 while condo sales (1,369) were down by 4.9 per cent. There was more of a condo decline outside Toronto; with a 10.6 per cent decrease in the selling price and 479 sales.

“A household earning the average income in the GTA is still finding it challenging to afford the monthly mortgage payment associated with the purchase of an average priced home,” noted TRREB Chief Information Officer Jason Mercer. “This is even with lower borrowing costs and selling prices over the past year. Further relief in borrowing costs would see an increased number of buyers move off the sidelines to take advantage of today’s well-supplied market.”