Toronto Real Estate Market Update | August 2023

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The Toronto real estate market continued to reflect the subdued summer trend in August, with prices showing minimal year-over-year fluctuations and a slight decrease in sales volume.

Against the backdrop of a surprise contraction in Canadian GDP during the second quarter of 2023, the Bank of Canada made a justified decision to hold on any interest rate hikes this month. For more key takeaways on the current mortgage rates, scroll down for the latest from Sean Smith - mortgage broker from Dominion Lending.

Tune in to Alex's video for his insights on how this is having an impact on today's market! 

Key Takeaways - Mortgage Rates

• On Wednesday, The Bank of Canada held its overnight rate at 5%, most Bank prime rates are at 7.20%.

• Two rate announcements remain this year; Oct 25 and Dec 6.

• Market forecasts of an additional rate hike before the end of the year are falling, currently sitting at a 40% likelihood.

• Markets anticipate a .25% rate cut by June 2024.

• Fixed rates remain stable.

If you want to know more about what’s going on in your neighbourhood or one you’re interested in, book a time to chat - we’re here to help.

Alex + Elaine

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