Home sales in the Toronto Region have seen a year-over-year dip of 34.2%, with 5,627 sales reported in the month of August, according to TRREB (Toronto Region Real Estate Board). While the decline is significant versus last year, August saw a bit of a rebound in volume versus earlier in the summer.. August also saw a greater share of new listings compared to the previous three months, up almost 15% from July.
ALAA YOUNAN REALTY BROKERAGE INC.'s blog
As interest rates continue to rise this year, many are shifting their real estate goals from buying to renting. Although, according to the Toronto and Greater Toronto Area (GTA) Rent Report from TorontoRentals.com, average rent prices in the GTA are up 19% annually. On the other hand, average home sale prices have been coming down month-over-month in numerous cities in the GTA, leaving many wondering if now is the right time to buy or continue renting.