The average selling price in the Greater Toronto Area was down 1.6 per cent year-over-year to $1,162,167.
New listings rose 12.3 per cent over the same period, with 17,964 properties put on the market last month. TRREB president Jennifer Pearce says the central bank's 25-basis-point cut last month provided some"initial relief" for the housing market, but the June sales data suggests most homebuyers are waiting for multiple cuts before moving off the sidelines.
Ipsos polling for TRREB indicates that cumulative rate cuts of at least 100 basis points are required to boost home sales by a meaningful amount.
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