The Toronto Real Estate Board (TREB) just released their statistics for the month of August.
I wrote a pretty comprehensive four-part series on the City of Toronto real estate market back in late June which you can read here (highrockcapital.ca/pauls-blog/city-of-toronto-housing-introduction-and-part-1-of-a-4-part-series). Note that this is for the City-proper, not the GTA.
I won't go into much detail today on August's numbers but there are glimmers of hope(at least in spots) which I will highlight in the three most popular housing types for the City: Detached, Semi-Detached and Condo Apartments.
Conclusion - Detached (higher priced) housing still needs to find it's bottom. First time buyers are likely not going to be able to afford a $3mm+ house in Rosedale no matter what the various levels of government do to intervene, but these first time buyers do have a shot at owning a semi or condo and today's data show that that is where the demand is. Over the longer term, I stick to my thesis that detached housing will increase the gap over semis and condos as there will be no further supply of detached and continued supply of condos.