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Toronto is overrun with homes for sale that no one is buying because prices are still sky-high

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Prices in Toronto's ever-exasperating housing market still won't budge despite plummeting sales numbers and a surge of homes hitting the market, a ...

, a trend that persisted through last month, according to the latest stats from the Toronto Regional Real Estate Board .

That glut of homes has also been sitting on the market longer, with averages for both the average length of a listing and the average length of time a property has been on the market overall up by 42.9 per cent and 50 per cent year-over-year, respectively. "The June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount," she wrote.

 

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