Greater Toronto Area (GTA) home sales were down on a year-over-year basis in August 2024. New listings were up slightly over the same period. While the region’s housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023.

Real estate experts say the Bank of Canada’s third consecutive interest rate cut is welcome news for variable-rate mortgage holders, but it could still be some time before significant demand returns to the market.

The Bank of Canada has cut its policy rate by a further 25 basis points in its September decision, marking a third consecutive move to bring rates lower.