Greater Toronto Area home sales continued their rising trend in July, climbing 10.9 per cent compared with a year earlier, the most activity recorded in the month of July since 2021. Overall, the average sale price dropped 5.5 per cent in July compared with the same month last year, bringing the average sale price to $1.05 million. Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales. More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for home ownership. The Bank of Canada recently held its key interest rate at 2.75 per cent for the third consecutive meeting, offering little relief for homeowners  preparing for mortgage-rate renewals. Looking ahead, if the Bank of Canada lowers its interest rate a couple more times before the end of the year it can help potential buyers enter the market.