The Toronto Regional Real Estate Board says home sales in August fell from last year as average home prices edged lower.
John Pasalis, president and broker of Realosophy Realty, joins BNN Bloomberg to do a pulse check on the Toronto real estate market.
The board said there were 4,975 homes sold in August in the Greater Toronto Area, a 5.3 per cent drop compared with the 5,251 homes sold in the same month a year earlier. Sales were up 0.6 per cent from July on a seasonally adjusted basis. On Wednesday, the Bank of Canada announced a third consecutive interest rate cut by a quarter-percentage point. Governor Tiff Macklem said the central bank’s decision to bring its key lending rate down to 4.25 per cent was motivated by continued progress on inflation and the need for economic growth to pick up again.
Debbie Cosic, founder and CEO of In2ition Realty, said current conditions are “almost debilitating” for first-time buyers who are trying to qualify for a mortgage.“What we’re hearing on the sales floor is ‘Interest rates are too high, I’m not qualifying for mortgages, the deposits are too high,’” said Cosic.
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