The Toronto Regional Real Estate Board (TRREB) announced that home sales in June fell by 16.4 percent from last year, with many potential buyers remaining on the sidelines despite the highly anticipated interest rate cut from the Bank of Canada.

The board explained that 6,213 homes were traded during the month compared to 7,429 homes in June of last year.

The average selling price in the Greater Toronto Area decreased by 1.6 percent year-over-year to $1,162,167.

New listings rose by 12.3 percent during the same period, with 17,964 properties hitting the market last month.

TRREB President Jennifer Pierce stated that the central bank's interest rate cut of 25 basis points last month provided some "initial relief" to the housing market, but June sales data indicates that most home buyers are waiting for multiple cuts before moving off the sidelines.

An Ipsos survey on behalf of TRREB indicates that cumulative interest rate cuts of at least 100 basis points are needed to significantly boost home sales.