Toronto Home Prices Drop as Listings Linger on the Market.

Toronto home prices have experienced a decline for the first time in four months, with the seasonally adjusted benchmark price dropping by 0.4% in May. This decrease in prices is attributed to buyers pulling back and an increase in listings. The number of sales has also fallen for the fourth consecutive month, while new listings have risen. The increase in homes on the market has led to a decrease in prices, with the benchmark cost of a home down 3.5% from last May. There is speculation that the Bank of Canada may begin cutting interest rates in response to these market conditions. [Extracted from the article]