Several factors played a significant role in shaping the real estate landscape in August 2023. These include higher borrowing costs, economic uncertainty, and decisions made by the Bank of Canada. Additionally, the limited supply of listings in the market had a profound impact.

Compared to August 2022, there was a noticeable decline in home sales, with a 5.2% decrease, bringing the total to 5,294 sales. However, this was not surprising given the unique circumstances of the market. On a positive note, new listings increased by 16.2% year-over-year, offering some relief in terms of supply. Despite these fluctuations, the average selling price remained relatively stable.

Our monthly market update showcases everything you need to know about local real estate trends over the last month.