July 2024 Market Update

Here we are already in August and dare I say Summer is almost half over, I hope you have been able to find some time to enjoy the amazing weather we have had.  

With the heat of the summer and with the recent cuts to interest rates by the Bank of Canada the volume of sales in July ticked up over last year.  Sales volume has begun to rebound since 2022 when the Bank of Canada was combating inflation and raising rates, sales are up almost 10% compared to July 2022's figures.   Even with the growth in sales volume, buyers continue to benefit from more choice with the number of active listings up 55% to 23,877 over last July. With a better-supplied market, prices, on average, have remained relatively flat compared to the same period last year.  

Even with an increase in volume of sales, the average selling price of $1,106,617 represented a small decrease of 1.1% over July 2023.   TRREB's Chief Market Analyst Jason Mercer recently stated that as more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. The above average available inventory of homes for sale will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.  If you have any real estate questions please never hesitate to connect with me, I am here to help.  Wishing you well and I look forward to speaking with you soon.