Greater Toronto Area condominium sales transactions and prices declined in August, says the region’s real estate board.

Total condo sales sank 11.4% year-over-year to 1,417. Meanwhile, the average condo price dropped 4.5% to $674,706.

Between January and August, total condo sale plummeted 9.3% to 13,084, while the average unit price was down a relatively modest 1.8%.

Overall, August 2024 average home prices edged slightly lower from a year earlier.

“The Bank of Canada’s rate cut announced on September 4 [to 4.25% from 4.5%] will lead to a further improvement in affordability, especially for those using variable-rate mortgages,” said Jennifer Pearce, president and CEO of the Toronto Regional Real Estate Board.

“First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market.”