TRREB survey suggests interest rates will need to come down at least 1% to boost sales
The board says 6,213 homes changed hands in the month compared with 7,429 in June of last year.
The average selling price in the Greater Toronto Area was down 1.6 per cent year-over-year to $1,162,167.
New listings rose 12.3 per cent over the same period, with 17,964 properties put on the market last month.
Ipsos polling for TRREB indicates that cumulative rate cuts of at least 100 basis points are required to boost home sales by a meaningful amount.