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Wednesday, October 5, 2022

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Toronto home prices rise marginally for first time since February peak

TORONTO (Reuters) – Home prices in the Greater Toronto Area (GTA) increased, though marginally, for the first time in six months in August alongside higher month-on-month sales, data from the Toronto Regional Real Estate Board (TRREB) showed on Friday.

The average price of a home in the area rose to C$1.08 million ($820,981) in August, up 0.4% from July, and just under 1% from a year earlier, according to a TRREB statement. They were 19% below February’s peak.

On a seasonally adjusted basis, sales rose 11%, and the average price increased 2.1%, from the previous month.

However, the Home Price Index composite fell from July, indicating that the increase in the average price was driven by more sales of higher-priced homes, the group said.

($1 = 1.3155 Canadian dollars)

(Reporting By Nichola Saminather; Editing by Jacqueline Wong)


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