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Greater Toronto home sales fall in May, but Bank of Canada decision could spur demand

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TORONTO — The Toronto Regional Real Estate Board 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 board said 7,013 homes changed hands in the month compared with 8,960 in May of last year, which coincided with a brief market resurgence.

New listings jumped 21.1 per cent over the same period, with 18,612 properties put on the market last month. "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.The Bank of Canada is set to announce its latest interest rate decision Wednesday morning, which some economists predict could entail a rate cut.

 

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