Toronto Condo Sales Plunge 15 Percent in August as Prices Decline: Real Estate Board

Published on September 5, 2024

Toronto condo sales saw a sharp decline in August, with prices falling by 6 percent. This drop occurred amid a recent Bank of Canada rate cut, which is expected to offer some relief to first-time homebuyers, according to a market report. Condo sales in Toronto fell by 14.8 percent year-over-year, with average prices at $681,835, according to the Toronto Regional Real Estate Board (TRREB). This marks a significant contrast to July, when sales saw a modest 1.3 percent decline year-over-year, and prices averaged $748,330. The decline in sales and prices come amid the Bank of Canada’s third interest rate cut in 2024, lowering the rate from 4.5 percent to 4.25 percent. This move is expected to boost confidence among first-time homebuyers, who are more sensitive to borrowing costs, particularly those using variable-rate mortgages, according to the board....

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