New home sales in the Greater Toronto Area remained sluggish last month, but a new report suggests that the market is now primed for buyers following four consecutive interest rate cuts.
Phil TsekourasReal estate for sale signs are shown in Oakville, Ont. on December 1, 2018. THE CANADIAN PRESS/Richard Buchan, reporting 591 new home sales in September, which marks a 69 per cent decrease year-over-year.
The central bank finally started cutting its policy interest rate in June, after holding it at five per cent since July 2023. The rate now stands at 3.75 per cent. According to the report, the total new home remaining inventory has increased slightly compared to the previous month to nearly 22,000 units, including nearly 17,500 condo units and close to 4,500 single-family dwellings.
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