By Fergal Smith

TORONTO (Reuters) -Greater Toronto Area home sales fell for the first time in five months in August and prices edged lower, Toronto Regional Real Estate Board data showed on Thursday.

Seasonally adjusted sales fell 1.8% on a month-over-month basis to 5,633 units, which was the first decline since March.

TRREB’s home price index also edged lower after seasonal adjustment from July, dipping 0.1% to C$978,100 ($707,896). Prices have declined or were flat every month since November.

The Greater Toronto Area (GTA) includes Toronto, Canada’s most populous city, and four surrounding regional municipalities.

“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

See Full Page