Toronto’s real estate market has cooled further on higher borrowing costs and continued uncertainty about the Bank of Canada rate hikes.

According to a new report from the Toronto Regional Real Estate Board, the selling price for a home increased for the second straight month to $1.08-million, down from $1.1 million in July, a more than $35,000 decrease.

There were 5294 sales in August, down 5.2-percent compared with August of 2022.

As for what to expect this fall, more inventory is expected in the condo market from investors who are over-leveraged with multiple properties.

Investors who bought from 2020 to 2022 when interest rates were at extreme lows have seen their mortgage rates triple.