UNSPLASH/Jochem Ratt
The number of real estate transactions fell 1.7 per cent in July, reversing a 3.2 per cent gain in June, TRREB reported.

Toronto’s real estate market showed signs of weakness in July, recording a drop in sales last month amid sluggish demand.

The number of real estate transactions fell 1.7 per cent in July, reversing a 3.2 per cent gain in June, according to seasonally adjusted figures released by the Toronto Regional Real Estate Board on Tuesday. Sales have declined in five of the past six months.

Benchmark home prices were up 0.1 per cent during the month. The average price of a home sold last month in the Greater Toronto Area was $1.13 million.

While recent interest rate cuts by the Bank of Canada will support demand going forward, the market remains very weak by historical standards.

Realtors recorded 41,933 transactions in the first seven months of this year, down more than 4 per cent from the same period last year. And 2023 was a historically bad year, when transactions fell to the lowest in more than two decades.