RARE’s Economic Research Department meticulously examines TREB’s monthly data releases, distilling them into an easily digestible and insightful format within our market report.
Toronto’s housing market continues to shift under the weight of supply, demand, and economic pressures. Prices, activity, and affordability remain in flux, while signals from construction, rentals, and employment paint a complex picture.
Toronto’s housing market continued to soften across multiple segments, as sales and new listings fell while active inventory remained elevated. Home prices declined across all measures, and housing starts and completions stayed subdued, reflecting slower construction and weak annual trends. Mortgage rates eased slightly, offering modest affordability relief, while the rental market remained historically weak, tightening only marginally with rents largely unchanged. Unemployment and mortgage arrears edged higher locally and provincially, though national metrics remained stable. Overall, the market was characterized by abundant supply, weaker demand, and ongoing pressure on prices.
Toronto Metro sales fell to 5,211 in August, down 2% after seasonal adjustment. Sales dropped 15% month-over-month but rose 5% year-over-year, remaining 27% below the 10-year average. Activity typically eases from May through January.
New listings declined to 14,038 in August, down 20% month-over-month, but remained 12% higher year-over-year and 11% above the 10-year average. This marked the highest August level since at least 2006, excluding the pandemic years. Listings typically begin to ease between May and January.