Hey everyone, welcome back! Today, we're taking a look at the latest update from the Greater Toronto Area housing market for August 2024. Let's dive right in!

So, what’s happening? Home sales in the GTA were down by 5.3% compared to last year, with 4,975 sales in August 2024, compared to 5,251 in August 2023. Despite that, new listings were up slightly by 1.5%, with 12,547 homes hitting the market. The average selling price edged lower by just 0.8%, now sitting at $1,074,425, compared to August last year.

Why does this matter? Well, with the Bank of Canada announcing another rate cut on September 4, affordability is expected to improve, especially for first-time buyers who are sensitive to mortgage rates. While prices are slightly down, this could encourage more activity in the market, especially in condos, as mortgage rates continue to trend lower.

So, what should you do now? If you're a buyer, this could be a good opportunity to explore the market while prices and mortgage rates remain favorable. Sellers, remember that while the market is still well-supplied, inventory is expected to recede over time, so keeping an eye on market trends is crucial. Also, municipalities need to focus on boosting affordable housing to meet growing demand in the coming years.

That’s all for this update! Thanks for watching, and don’t forget to like, comment, and share for more market insights. See you next time!