this Toronto Regional Real Estate Board The report said home sales fell 21.7% in May from a year ago, but new listings continued to rise as homeowners anticipated increased demand.
The commission said 7,013 homes changed hands during the month, compared with 8,960 in May last year, which coincided with a brief recovery in the housing market.
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The average selling price in the Greater Toronto Area fell 2.5% year-over-year to $1,165,691.
New listings increased 21.1% year-over-year last month, with a total of 18,612 homes listed.
TRREB Chairwoman Jennifer Pearce said potential homebuyers, including many first-time buyers, are waiting for “clear signs” of falling mortgage rates so they can sell their properties, which would also ease the tight rental market.
The Bank of Canada will announce its latest interest rate decision this morning, with some economists predicting the decision could result in a rate cut.
© 2024 The Canadian Press
