The report highlights that while interest rates are falling, housing sales in the Greater Toronto Area have not seen a significant increase. This indicates a persistent challenge in the market.
Royal LePage CEO Phil Soper pointed out that sellers are reluctant to sell below their perceived home values due to a national housing shortage, keeping sales below normal levels.
Despite a slight 0.2 percent drop in average home prices to $667,317, sales rose 4.8 percent from last year. This suggests potential resilience in the housing market.
Broker Grant Desjardine noted that listings in the Durham region are struggling despite rate cuts, signaling a becoming more balanced market as buyers have more options.
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