The GTA housing market saw stability in May with 7,013 transactions, a 21.7% drop from last year. OREA CEO calls for rate cuts due to unaffordability affecting transaction volume. Average home price decreased to $1,165,691. New listings increased by 21.1%, leading to a buyer's market. Interest rate cuts may attract more buyers but could also increase mortgage delinquencies. Buyers are cautious due to high mortgage rates, waiting for concrete evidence of rate drops. Borrowing costs decreasing may bring more buyers into the market, easing strain on rentals.
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