Toronto home sales rise to five-month high in June

By Fergal Smith

TORONTO, July 4 (Reuters) - Greater Toronto Area home sales rose for a third straight month in June and prices extended their recent decline, Toronto Regional Real Estate Board data showed on Friday. Seasonally adjusted sales increased 8.1% on a month-over-month basis to 5,068 units, marking the highest level since January. TRREB's home price index fell 0.9% to C$978,200 ($720,112), extending a string of declines since December. The Greater Toronto Area (GTA) includes Toronto, Canada's most populous city, and four surrounding regional municipalities. "The GTA housing market continued to show signs of recovery in June," TRREB President Elechia Barry-Sproule said in a statement. "With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices. Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025." The Bank of Canada has lowered its benchmark interest rate by 2-1/4 percentage points since June 2024 to support the economy which has shown signs of slowing as the U.S. wages a trade war. Canada sends about 75% of its exports to the United States.

"A firm trade deal with the United States accompanied by an end to cross-border sabre rattling would go a long way to alleviating a weakened economy and improving consumer confidence," said Jason Mercer, TRRE's Chief Information Officer.

On a year-to-year basis, the price index was down 5.5%, while sales declined 2.4% and new listings were up 7.7%.

($1 = 1.3584 Canadian dollars) (Reporting by Fergal Smith; Editing by Sandra Maler)