The Greater Toronto Area (GTA) saw a decline in house sales in August after a brief uptick in June and July. The Toronto Regional Real Estate Board (TRREB) reports that at the same time last year, there was a 5.3% decrease in transactions. The most popular option was still detached homes, although sales of townhouses, condominiums, and semi-detached homes all fell.

The fall in sales, according to TRREB President Jennifer Pearce, can be ascribed to higher loan rates that have increased the barrier to homeownership for first-time buyers. She did, however, voice confidence about the state of the market going forward given the anticipated decline in interest rates.

Pearce's assessment was mirrored by Jason Mercer, Chief Market Analyst at TRREB, who predicted that lower interest rates would result in lower monthly mortgage payments and more reasonable property prices. he projected that moderate price increases would be maintained as rising demand increasingly absorbed the present listing inventory.

CEO of TRREB, issued a long-term warning, saying that the present high levels of inventories will ultimately come down. In order to satisfy the rising demand and guarantee affordability, he silk-lined the necessity of increasing housing development.