Greater Toronto Area home sales decreased by 5.3% in August 2024, with 4,975 transactions, while new listings rose by 1.5% to 12,547. The average home price fell by 4.6%, with the average selling price at $1,074,425. Experts predict an increase in first-time buyers as mortgage rates decline, but inventory may dwindle, necessitating a focus on affordable housing construction. Municipalities are encouraged to reduce development charges to help maintain affordability in the region.
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