The Toronto Regional Real Estate Board says home sales in June declined 16.4 per cent from last year, with many potential buyers staying on the sidelines despite the highly anticipated Bank of Canada interest rate cut.The Toronto Regional Real Estate Board says home sales in June declined 16.4 per cent from last year, with many potential buyers staying on the sidelines despite the highly anticipated Bank of Canada interest rate cut.
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." "Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices."The City of Toronto saw 2,236 sales in June, a 20.6 per cent decrease from a year ago. Throughout the rest of the GTA, home sales fell 13.8 per cent to 3,977.