Home sales in the Greater Toronto Area rose in July, with 5,391 transactions, a 3.3% increase from July 2023. New listings surged by 18.5% to 16,296. The average selling price decreased slightly to $1,106,617. The Toronto Regional Real Estate Board noted that recent Bank of Canada rate cuts may positively impact sales, as buyers benefit from lower mortgage payments. While prices are expected to remain flat initially due to increased inventory, tighter market conditions could lead to price growth in the future.
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