The Toronto Regional Real Estate Board reported that home prices in the Greater Toronto Area continued to decline in August, as the number of homes listed for sale rose faster than the volume of sales.
According to the data, the average sale price reached $1.02 million, marking a 5.2% decline compared to last year, while the composite price index fell by the same percentage.
Sales saw a slight year-on-year increase of 2.3% but fell 1.8% compared to July after seasonal adjustment. Meanwhile, new listings rose 9.4% to 14,038, and active listings increased 22.4%, reaching 27,495 homes on the market.
Toronto Regional Real Estate Board President Elechia Barry-Sproule stated that the anticipated interest rate cuts could help offset the effects of tariffs, adding that an increase in home sales may support broader economic growth.
