Mounting condo inventories’ could put downward pressure on Toronto’s real estate market: report

Toronto's housing market remains sluggish due to high borrowing costs, with a report from RBC Economics indicating that more rate cuts are necessary to boost sales. Despite a slight increase in resales in June, July saw a 0.7% decline. Inventory levels are rising, particularly for condos, which have increased by 64% year-over-year. Home prices have remained mostly flat, with the benchmark at $1.09 million in July, down 5% from last year. The report suggests that further rate cuts are needed to stimulate demand and address affordability issues.