Toronto Real Estate Market Update | August 2023

Friday Sep 29th, 2023


Let's talk about Toronto Real Estate!


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.



Contact Sean For More Details


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

Book A Time To Chat


Want to keep up to date on the Toronto Real Estate market?


Sign up below for full access to our monthly market updates, future newsletters and monthly contests.

Sign Me Up!



Royal LePage Terrequity Platinum Realty, 293 Eglinton Ave. East, Toronto, Ontario M4P 1L3, Canada

You may unsubscribe or change your contact details at any time.

Post a comment