August stats showed that home sales were down year over year in both numbers and price. Across the GTA we saw 4975 sales, which is a decrease of over 5% from this time last year.  The average sale price was $1,074,000, which is a very slight decrease from last year, under 1%.  We did see new listings increase 1.5% with over 12,500 new listings coming on the market and bringing the active listings in the GTA to over 22,600, which is roughly 4.5 months of inventory.  Homes are selling on average for 99% of asking and in 28 days

In Milton specifically, we saw 131 sales  and have just over 3 months of inventory, with 443 active listings,  Homes in the area are selling for 99% of asking and 26 days on market

What does all this mean? We have fewer sales in the GTA again this year when we compare to year-to-date numbers from last year.  With the small incremental adjustments to the interest rate by the Bank of Canada, there has not been a significant translation to the market and with day-to-day affordability at the top of mind for many as well as the lack of first-time buyers, we have not seen any upwards pressure on pricing and experts suggest it will be a slower recovery in the market over the next 1.5-2 years

All markets are not the same, so while detached saw a 1% decrease in the number of sales, the condo market in Toronto is sitting at just under 15% fewer sales so if you are curious about your home or area specifically, please reach out were here to help.