TORONTO — Home prices in the Greater Toronto Area remained under pressure in August as new listings outpaced sales, but the city's real estate board says a potential interest rate cut later this month could help catalyze a new wave of activity.

The Toronto Regional Real Estate Board said the average sale price was down 5.2 per cent in August from last year to $1.02 million, with the composite benchmark price falling by the same amount.

"A household earning the average income in the GTA is still finding it challenging to afford the monthly mortgage payment associated with the purchase of an average priced home," said TRREB chief information officer Jason Mercer in a press release.

"This is even with lower borrowing costs and selling prices over the past year."

The board said home sales

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