The Greater Toronto Area saw its best July home sales since 2021, with sales up 10.9% year-over-year and listings rising 5.7%. Improved affordability from lower prices and borrowing costs boosted sales, tightening the market. The average home price fell 5.5% to about $1.05 million. Foreign buyers face restrictions but can still purchase certain properties, supporting the economy. Further interest rate cuts could enhance sales and economic growth.
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