Toronto-area home sales decline in August, but rate cut could spur activity: board

The Toronto Regional Real Estate Board says home sales in August fell from last year as average home prices edged lower.

The board says there were 4,975 homes sold in August in the Greater Toronto Area, a 5.3 per cent drop compared with the 5,251 homes sold in the same month a year earlier. Sales were up 0.6 per cent from July on a seasonally adjusted basis.

The average selling price was down 0.8 per cent compared with August 2023 at $1,074,425.

The composite benchmark price, which aims to represent typical homes, was down 4.6 per cent year-over-year.

TRREB president Jennifer Pearce predicts the Bank of Canada’s third consecutive rate cut announced Wednesday will lead to an uptick in activity from first-time buyers, including in the condo market.

New listings in August totalled 12,547, up 1.5 per cent from last year.

This report by The Canadian Press was first published Sept. 5, 2024.