Ottawa: The Toronto Regional Real Estate Board said that home sales in Toronto has witnessed a decline of 34 percent this time as compared to the previous year, but it was still 15 percent up to the month of July.
It is assumed that due to the low market of houses, people are buying more houses as soon as possible.
The board said on Friday that the sale of houses this month was 5,627, which was 8549 in August last year and 4900 in July 2022. These prices fell the most this month compared to the previous four months.
This has also given hope to the people hoping to buy a house and they are looking for the prices of houses to come down further.
On a year-over-year basis, the home price index was up at 8.9 per cent and the average selling price for each type of household was $1,079,500 at 0.9 per cent. The index was lower than in July. TREB said that the monthly increase in average price as well as the dive in the index indicate that more expensive houses were sold in the month of August.