𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for August 2024 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📢
July’s slight Bank of Canada interest rate decrease did not have an impact on August’s sales activity. Sales volume was down overall across all TREEB areas in the GTA, and new listings were up as compared to August 2023.
Majority of the average home price across all categories in our report were down over last year, with the exception of Burlington which experienced an increase in average home values across all categories.
𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗼𝘂𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗮𝗸𝗲 𝗮𝘄𝗮𝘆’𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗔𝘂𝗴𝘂𝘀𝘁 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗶𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝘀 𝗺𝗼𝗻𝘁𝗵 𝗼𝘃𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 𝘄𝗶𝘁𝗵 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰:
◾️ Toronto detached home values pretty much flat month over month (up $48,000 to be exact). Semi-detached homes also flat. Freehold townhouses continued a downward trend at down $125,000 over the month prior which was already down $100,000 over June, however freehold towns were the only category where home values were up over last year. Condo townhouses down slightly, and condo apartments down $80,000 over July.
◾️ Mississauga detached home values flat to last year and on a month over month basis. All other home types down as compared to last year. Home values are flat on a month over month basis, a consistent result in Mississauga this year. We continue to see more inventory come to the market in certain areas of Mississauga which contributes to Buyer’s market conditions.
◾️ Oakville detached home values slipped below $2 million in August, which is down over July where we saw a short-lived surge in the detached home prices which were on a decline from the spring. On a year over year basis, detached homes in Oakville were down just under 2%. Semi-detached and freehold towns flat on a month over month basis. Increase in condo townhouse values as compared to July by about $75,000 however as compared to last year condo townhouse values are down almost 17% which was the biggest category drop out of all the areas and home types in our report.
Burlington detached home values flat to last month and up 9% over last year. All other home categories flat to last month with the exception of condo townhouses, up slightly. On an encouraging note for Burlington, all home categories up year over year, including condo apartments up 11%.
𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱? Obtain a personalized market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.
