On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s August 2023 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from August 2023 - as well as specific info on both condo and home prices in the GTA:

Real Estate Market Watch: Residential Transactions

• 5,294 residential home transactions took place in August 2023, down from 5,584 in July 2022 - a decrease of 5.2%.
• There was a 1% decrease in the number of purchases from July 2023 (5,552) to August 2023 (5,499).

August 2023 Real Estate News: Average Selling Prices

• The average sale price for August 2023 was $1,082,496. This is an increase of 0.3% from August 2022, when it was $1,079,048.
• The average price for homes in the Greater Toronto Area saw a 1.6% decrease compared to the previous month (from $1,151,015 to $1,132,706).

 

 Monthly Market Update: New Listings

• There were 12,296 listings available for August 2023, which is an 16.2% increase from August 2022 (when there were 10,578).
• The sales-to-listings ratio has decreased by 10% from August 2022, from 53% to 43%.

 

Real Estate Market Watch for August 2023: Days On The Market

• The average property spent 28 days on the market, compared to 34 last year - a decrease of 17.6%.
• Listings spent an average of 20 days on the market, which is a 9.1% decrease from this month last year (when they spent an average of 22).

   

Click Here To Read TRREB's August 2023 Real Estate Market Watch Report for Both Homes and Condos

  In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

• How do I get my down payment?
• Can I use my RRSP for my down payment?
• How can I make the profits from my pre-construction purchases tax-free?
• What type of home or mortgage can I afford?
• Which incentives are available for first-time buyers?
• What is a PDI?
• What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for August 2023 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2023.