Home sales slowed as prices continued to rise in the Toronto area last month.
According to the latest TRREB report, 8,596 homes were sold in August, a 19.9% drop from 10,738 at the same time last year and an 8% fall from 9,368 in July.
New listings in the region fell to 10,609, down 43% from 18,599 last August and 15% from 12,551 in July.
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However, Toronto home prices continued to climb, up 12.6% compared year-over-year to an average $1,070,911 for all home types.
“It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes,” said TRREB president Kevin Crigger.
The only exception to the slow sales last month was…