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The number of homes sold in August dropped 34.2 per cent from the same month last year, signalling a cooler market for homebuyers amid rising mortgage rates.

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Data from the Toronto Regional Real Estate Board show that there were 5,627 home sales in August, down from 8,549 in 2021. The new number, however, is up slightly compared to home sales in July.

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“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs,” the board’s president, Kevin Crigger, said.

The report released Friday also found that sales represented a higher share of new listings compared to the previous three months. The real estate board said this could indicate some support for selling prices in the months ahead.

It also said The MLS Home Price Index was up 8.9 per cent from the prior year, while the average selling price for all sales only increased slightly, by 0.9 per cent, to $1,079,500 from $1,070,201.

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