New Toronto Housing Numbers: A Closer Look at August

The August numbers show that the Toronto and GTA housing market is still in a worrying spot. Sales are low and prices are softening. I am Moe Asgarian, a senior real estate broker in Toronto, ranked number 47 at RE/MAX worldwide. Let me take you through the figures so you can decide with real data in front of you.

August this year was the second weakest August in 12 years. The benchmark price has dropped more than $400,000 from the peak of the market. On top of that, Canada's housing minister said that even with the Toronto condo market falling, no rescue or support package should be expected. For anyone who has been hoping for government help, that is hard to hear.

The Benchmark Price Keeps Sliding

Let us start with the benchmark, the price that stands in for the most common home features. In July it was around $981,000, and in August it came in at about $969,970. That is roughly a $12,000 drop in one month, about $127,000 lower than a year ago, and around $406,000 below the March 2023 peak. Adjust for inflation and it looks even sharper. The benchmark that sat near $1,346,000 in March 2022 would be about $1,482,000 in today's dollars, so the real fall from the peak is more than half a million dollars.

Average and Median Prices

The average price in July was $1,051,000, and in August it eased close to $30,000 to $1,022,000, about $50,000 lower than last year. The median moved from $910,000 to $887,000, a $23,000 drop in a single month and $63,000 less than August of the prior year. Months of inventory held steady at about 4.5. Keep in mind that averages swing when a few unusual homes trade, so a lower average does not mean every home lost the same share of its value.

The Number That Matters: Sales

Sales in August came in at 5,211, up about 2.3 percent from August 2024. It may not sound like much, but after a long run of falling sales this was the second month in a row where the count beat the year before. At the same time, new listings reached 14,038, the second highest for the period in 12 years, and active listings hit 27,495, the highest in 12 years.

A Market Split in Two

For those who want the detail, detached homes inside the City of Toronto still traded above $1.5 million, and across the whole city the number was $1,250,000. Semi-detached homes ran around $1,130,000, townhouses $915,000, and condos $667,000. Almost every home type was down from last year, with semis close to flat. Here is the big one: condos now make up 60 percent of everything for sale. Add condo townhouses and condo products are close to 70 percent of the market. That tells me the market has split into two groups, one built around condo buyers and sellers, and another made of people who want to sell their condo and move up to a detached or semi.

How to Use These Numbers

I publish this market review every month, and my hope is that the figures help you make a better decision rather than a rushed one. A softening market can be a real opening for a well-prepared buyer, and a seller who reads the local detail can still do well. If you are selling or thinking about buying, fill out the form at the bottom of this page or book a free consultation so we can set up a call and talk it through. Stay well and take care.