The affordability crisis in Toronto’s housing market continued to worsen in August as supply declined further.
Data from the Toronto Regional Real Estate Board (TRREB) showed 8,596 homes changed hands in August, down 19.9% from the previous year, while new listings fell 43%. Sales were down 8.2 percent from the previous month.
“The fact that new registrations have been at the lowest level in the past decade is alarming,” TRREB President Kevin Crigger said in a statement Friday.
Sales of single-detached homes fell 31.5% in August from the same month a year earlier with just 3,704 homes sold in the month, while sales of semi-detached and row homes also fell. Only the condominium segment saw an increase in sales, up 11.3% compared to last year.
Meanwhile, the average selling price of a home in the Greater Toronto Area jumped 12.6% from the previous year to $ 1,070,911. Price growth was driven by the single-family real estate and townhouse segments. On a sequential basis, prices rose about 0.8 percent, according to data from TRREB.
Housing affordability has become a key issue in the federal election campaign, with political party leaders promising to implement a series of measures, including new taxes on foreign buyers, a ban on blind auctions and the encouragement of new offers.
“Working with provincial and municipal levels of government to resolve supply-side issues is far more important to affordability than interfering with consumer choice during the process of buying and selling a home or business. to review demand side policies that will have a short term impact at best. on market conditions, ”Crigger said.
Despite the myriad of campaign promises, the TRREB doesn’t foresee much relief on the horizon for frustrated homebuyers, especially as population growth in the Greater Toronto Area is returning to pre-pandemic levels.