Interest rates, economic uncertainity lead to flat housing sales from Oshawa to Burlington

In August 2023, home sales in the Greater Toronto Area and the Durham Region were down 5.2% and 3.7% respectively compared to last year due to higher borrowing costs, economic uncertainty, and a constrained supply of listings. The average selling price remained virtually unchanged over the same period. Record immigration levels will continue to drive demand for housing, but in the short term, buyers and sellers are waiting for more certainty on borrowing costs and the overall economy. Single family homes are the most popular in the Durham Region, particularly in Oshawa, which accounted for nearly a third of sales in the region last month.

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