Toronto housing market cools in August amid rising borrowing costs: TRREB

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Home sales decline, average selling price remains flat

Discover a world of exciting games, from heart-pumping action to brain-teasing puzzles. Get the latest versions of the top games in 2023.23 hours agoInventory and affordability woes are a challenge, but the economy might offset those pressures, Jenna Stauffer of Sotheby's International Realty says.

TORONTO — A new Re/Max Canada report forecasts the country's real estate market will soften this fall with average home prices predicted to remain flat as the housing market deals with high interest rates and a lack of homes for sale. "We've been in this kind of stalemate or stagnation for several months now," said Christopher Alexander, president of Re/Max Canada. "We'll see more of the same for the remainder of the year.

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Toronto home prices fall for third straight month in AugustGreater Toronto Area (GTA) home prices fell in August for the third straight month as higher borrowing costs and economic uncertainty weighed on market activity. The average price of a GTA home fell 3.1% in August from July to C$1,082,496 ($793,619), while the number of sales was up 0.9%, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday. 'In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy,' TRREB President Paul Baron said in a statement.
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