Toronto Regional Real Estate Board (TRREB) memberships declined by 1,363 year-over-year this July to 73,315, marking the first month since 2016, at least, to see a yearly decrease.

Scott Ingram, a TRREB member and chartered accountant, called attention to this unusual drop in membership via a Tweet shared last week. When contacted for comment, TRREB told STOREYS that it “does not share membership trends with the public.” But Ingram believes there are two likely factors behind the decline.