The Toronto Regional Real Estate Board says home sales in May were down 21.7 per cent from last year, but new listings continued to rise as homeowners anticipate a bump in demand.
The board says 7,013 homes changed hands in the month compared with 8,960 in May of last year, which coincided with a brief market resurgence.
The average selling price in the Greater Toronto Area was down 2.5 per cent year-over-year to $1,165,691.
New listings jumped 21.1 per cent over the same period, with 18,612 properties put on the market last month.
TRREB president Jennifer Pearce says would-be homebuyers, including many first-timers, are waiting for “clear signs” of declining mortgage rates to get off the sidelines, which would also provide relief for the tight rental market.
The Bank of Canada is set to announce its latest interest rate decision this morning, which some economists predict could entail a rate cut.
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