Home prices in the Greater Toronto Area remained under pressure in August as new listings outpaced sales.
The Toronto Regional Real Estate Board said the average sale price was down 5.2 per cent in August from last year to $1.02 million, with the composite benchmark price falling by the same amount.
"A household earning the average income in the GTA is still finding it challenging to afford the monthly mortgage payment associated with the purchase of an average priced home," said TRREB chief information officer Jason Mercer.
Barrie's News Delivered To Your Inbox
By submitting this form, you are consenting to receive marketing emails from: Central Ontario Broadcasting, 431 Huronia Rd, Barrie, Ontario, CA, https://www.cobroadcasting.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
"This is even with lower borrowing costs and selling prices over the past year."
The board said home sales were up 2.3 per cent in August from a year earlier, while down 1.8 per cent on a seasonally adjusted basis from July. A total of 5,211 properties changed hands last month.
Meanwhile, new listings were up 9.4 per cent from a year earlier to 14,038. Active listings were up 22.4 per cent from last year with 27,495 homes on the market.
“Compared to last year, we have seen a modest increase in home sales over the summer," said TRREB president Elechia Barry-Sproule in a press release.
"With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spinoff benefits."
The Bank of Canada left its policy rate unchanged for the third time in a row in its latest decision on July 30, but said future cuts may be warranted as U.S. tariffs persist. The central bank’s policy rate remains at 2.75 per cent.
In the City of Toronto, there were 1,779 sales last month, a 3.5 per cent increase from August 2024. Throughout the rest of the GTA, home sales were up 1.7 per cent to 3,432.
Overall, all property types except condos saw more sales in August compared with a year ago throughout the region.
The largest increase was in the detached segment, which was up 5.9 per cent, followed by semi-detached houses with a 2.6 per cent increase and townhouses with a 2.4 per cent increase.
The number of condos that changed hands was 4.9 per cent lower than in August 2024.
This report by The Canadian Press was first published Sept. 4, 2025.
