Toronto home sales dropped by just over 41% last month compared to the same time last year as rising borrowing costs cooled demand for properties on the market.
About 6,474 homes changed hands last month, down from 11,053 during the prior June, the Toronto Regional Real Estate Board said. June sales were also down compared to May.
TRREB President Kevin Crigger says that "Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up."
It's expected that current market conditions will remain in place during the summer months, but home prices should…