Toronto Home Sales, Listings Up; Prices Fall

In August, Toronto home sales experienced a modest rise supported by a surge in new listings; however, average selling prices dropped due to an abundant supply. The Toronto Regional Real Estate Board reported a 2.3% increase in Greater Toronto Area home sales from the previous year, with listings climbing 9.4%. Despite lower prices, affordability challenges persist, and further interest rate cuts could drive more home purchases. Notably, while detached home sales increased, apartment-condo sales fell significantly.