Overview

• Seasonally adjusted sales fell 1.8% to 5,633 transactions, the first monthly decline since March.
• TRREB’s benchmark price edged down 0.1% from July to C$978,100, about 5% lower than a year ago, extending a stretch of flat or falling readings since November.
• New listings increased to 15,730 in August, expanding supply and giving buyers more negotiating power.
• Price weakness was sharpest in suburban condos, where the average fell 10.6% to $594,881, while the city’s detached average dropped 10% to $1,524,066 year over year.
• Activity remains well below typical levels for August, with many would-be buyers on the sidelines and investors expecting potential policy easing at the Sept. 17 Bank of Canada decision.