Toronto condo sales saw a sharp decline in August, with prices falling by 6 percent. The drop occurred amid a recent Bank of Canada rate cut, which is expected to offer some relief to first-time homebuyers, according to a Sept. 5 market report from the Toronto Regional Real Estate Board (TRREB).
Condo sales in Toronto fell by 14.8 percent year-over-year, with average prices at $681,835, said the TRREB report. This marks a significant contrast to July, when sales saw a modest 1.3 percent decline year-over-year, and prices averaged $748,330.
