Toronto Home Sales See First Gain Since January

Toronto home sales increased by 4.2% in June, the first rise in five months, following the Bank of Canada's interest rate cut. Despite a 9.3% increase in listings, benchmark prices rose by 0.4% to C$1.09 million. The market remained subdued compared to previous years, with sales down 16.4% from June 2023. The shifting supply-demand balance led to a 4.6% decrease in benchmark home prices from a year earlier. The real estate board president noted that more rate cuts may be needed to further stimulate homebuyer activity.