says home sales in May were down 21.7 per cent from last year, but new listings continued to rise as homeowners anticipate a bump in demand.
The average selling price in the Greater Toronto Area was down 2.5 per cent year-over-year to $1,165,691.TRREB president Jennifer Pearce said would-be homebuyers are waiting for “clear signs” of declining mortgage rates before they get off the sidelines.“As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers,” she said in a press release.
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