The average selling price in the Greater Toronto Area in June was down 1.6 per cent year-over-year to $1,162,167. More buyers had been expected to enter the market after the early June interest-rate cut. But as more homeowners continue to put their properties up for sale, prospective buyers have faced less and less competition. At the end of last month, active listings were at the highest level since 2010. The central bank’s next rate announcement is at the end of July. If the bank cuts rates again it’s uncertain if that will motivate buyers given the amount of inventory available. Recent polling indicates that cumulative rate cuts of at least 100 basis points are required to boost home sales by a meaningful amount. The cost of borrowing is still relatively high with the interest rate on the typical five-year fixed mortgage still above five percent. And it remains difficult for prospective homebuyers to qualify for a large enough mortgage to buy in the Toronto region, one of the country’s most expensive real estate markets.