Home sales in metropolitan Toronto fell in May

Home sales fell 21.7 percent in May from a year ago, but new listings continued to rise, the Toronto Board of Real Estate said. According to the board, 7,013 homes were sold this month, up from May. Last year, this number was 8,960. The average sales price in metropolitan Toronto has decreased by 2.5% year-on-year to about 1,65,000 dollars. New listings increased by 21.1% compared to the same period, and there were 18,612 homes last month. was released to the market.

Prospective buyers, including many first-time home buyers, are waiting for signs of lower mortgage rates to come off the curb, which will also ease the rental market, says Jennifer Pearce, president of the Toronto Real Estate Board TRREB. .

The central bank of Canada is going to announce its latest decision on interest rates on Wednesday, June 5, which according to some economists' predictions, there is a possibility of interest rate cuts.

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