Toronto-area home sales declined in August, but interest-rate cut could spur activity, board says
The Toronto Regional Real Estate Board (TRREB) says home sales in August fell from last year as average home prices edged lower.
The board said 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.
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