The Toronto Area Board of Real Estate announced that home sales in August were down compared to last year. According to the board, 4,975 homes were sold in Greater Toronto Area in August, compared to 5,251 homes sold in the same month last year, 5.3 The percentage has decreased. However, home sales in August increased by 0.6% compared to July.

According to Canadian news agencies, compared to August 2023, the average selling price of a house decreased by 0.8% and reached about one million seventy four thousand dollars.

Panel chair Jennifer Pearce predicts that the third consecutive rate cut by the Bank of Canada, announced Wednesday, Sept. 4, will lead to increased first-home buyer activity, including in the condo market.

New listings totaled 12,547 in August, up 1.5 percent from last year.

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