Toronto Prices Continue to Decline, Leading the Nation
Overview of important developments in the Toronto Metro housing market and macro reported in August 2023
Highlights
Toronto Metro resale market is weak, retaining its market balance in August.
Rent prices reached their seasonal peak and are expected to moderate.
Low new construction sales, record-high starts, and typical completions.
Minimum 5-year mortgage rate continued to increase.
The surge in international student enrollments can be traced back to 2011.
A rarely discussed link between population growth and the labour market.
Resale and Rental Markets
In August some signs of stability emerged for Toronto Metro Real Estate market. Along with the increase in the number of new and active listings, sales grew as well when compared to the 10-year average. However, despite this uptick, August sales were the lowest since at least 2006.
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