Home prices in the Greater Toronto Area remained under pressure in August as new listings outpaced sales.
The Toronto Regional Real Estate Board says the average sale price was down 5.2 per cent in August from last year to $1.02 million, with the composite benchmark price falling by the same amount.
The board says home sales were up 2.3 per cent in August from a year earlier, while down 1.8 per cent on a seasonally adjusted basis from July.
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Meanwhile, it says new listings were up 9.4 per cent from a year earlier to 14,038.
Active listings were up 22.4 per cent from last year with 27,495 homes on the market.
TRREB president Elechia Barry-Sproule says the potential for more interest rate cuts could help offset tariff-related impacts and that increased home sales could help boost the wider economy.
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