August 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
With higher borrowing costs and August typically being a slow month in residential real estate we saw that the constrained supply of listings resulted in fewer home sales than last year. When looking at the average sale price across the GTA prices are up 0.3% overall with semi-detached up 6.9%. Affordability is pushing a lot of people to consider townhomes or semi-detached over detached. On September 6th the Bank of Canada held interest rate at 5%. This is great news as it provides stability for both fixed and variable mortgages. We expect to see some buyer confidence in the fall following the pause in rate hikes. This is what we saw in March after the pause last winter. Historically September is a busy month for new inventory and buyer activity as a lot of people take the summer off to spend time with family and get ready for back to school.
If you have any inquiries regarding the market or your specific property, please do not hesitate to contact us at any time. We are here to assist you.
By: Maggie Renaud
Milton Real Estate Market
The average price in Milton $1,083,812
Burlington Real Estate Market
The average price in Burlington $1,075,897
Oakville Real Estate Market
The average price in Oakville $1,492,687
