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TORONTO — Greater Toronto home sales fell slightly last month to cap a year that saw buyers take advantage of “substantial negotiating power” on price.
“The thing that surprised me about December was it looked like things were rebounding,” said Scott Ingram, a sales representative with Century 21 Regal Realty in Toronto. Sales of semi-detached and detached homes fell 9.3 per cent and 5.8 per cent, respectively, while 5.8 per cent more townhouses and 2.3 per cent more condos changed hands.
The Bank of Canada lowered its policy rate by a half-percentage point in December, bringing it to 3.25 per cent, while signalling a more gradual approach to future cuts in the new year. It was the fifth cut the central bank had announced since June.“But if I compare to a year ago at this time, things are probably starting to look up. Most people are a little more optimistic.”
“The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.”
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