Greater Toronto Home Sales Down 16% as Buyers Hold Off Despite Interest Rate Cut

The Toronto Regional Real Estate Board says home sales in June declined 16.4 percent from last year, with many potential buyers staying on the sidelines despite the highly anticipated Bank of Canada interest rate cut. The board said 6,213 homes changed hands in the month compared with 7,429 in June of last year. The average selling price in the Greater Toronto Area was down 1.6 percent year-over-year to $1,162,167. TRREB president Jennifer Pearce said the central bank’s 25-basis-point cut last month provided some initial relief for the housing market, but the June sales data “suggests that most homebuyers will require multiple rate cuts before they move off the sidelines.”...