Home sales in Toronto finally stabilized in August

After a violent crash in Canada's housing market in previous months, home sales finally stabilized in August. According to the Toronto Regional Real Estate Board (TRREB), there were 5,627 market sales in August, an increase of around 15% compared to July. The average selling price also rose from $1,074,754 to $1,079,500 as to the previous month. While there are no plans to ease the current stress test for new mortgage applicants, the board is working on the regulations to ease the pressure on homebuyers. More details are expected to be announced in December this year.


 

Zivitz, N. (2022, September 2). Toronto home prices steady in August after sinking from record. BNN Bloomberg. Retrieved September 11, 2022, from https://www.bnnbloomberg.ca/toronto-home-prices-steady-in-august-after-sinking-from-record-1.1813779