With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory.
Total inventories rose to 4,158 units (still 33% below typical July), but is the first time they pushed above 4,000 units in two years. Majority of supply coming from homes listed over $600,000. This shift has moves us slowly away from an extreme sellers' market earlier this year.
There still continues to be enormous demand for properties under $600,000. Summer months are typically slower (folks on holidays, enjoying summer), so this trend is the norm. Slower sales have however increased supply to 1.8 months, but still remains a sellers' market (for buyers this is a STRONG sign to push now, take advantage of the opportunity heading into the Fall and the BoC announcement in September).
Further details below:
Detached
• Benchmark Price: $767,800 (+0% MoM, +11% YoY)
• Total Sales: 1,278 (-14% MoM, -8% YoY)
• Total New Listings: 1,721 (+5% MoM, -8% YoY)
• Sales-to-New Listings: 64%
• Months of Supply: 1.8 Months (+23% YoY)
• Days On Market: 24 Days (+6% YoY)
Semi-Detached
• Benchmark Price: $687,900 (+0% MoM +12% YoY)
• Total Sales: 200 (-14% MoM, -5% YoY)
• Total New Listings: 262 (-14% MoM, +6% YoY)
• Sales-to-New Listings: 100%
• Months of Supply: 1.5 Months (+21% YoY)
• Days On Market: 22 Days (+11% YoY)
Townhomes
• Benchmark Price: $464,200 (+0% MoM, +15% YoY)
• Total Sales: 423 (-12% MoM, -9% YoY)
• Total New Listings: 578 (+0% MoM, +18% YoY)
• Sales-to-New Listings: 73%
• Months of Supply: 1.3 Months (+51% YoY)
• Days On Market: 20 Days (+4% YoY)
Apartments
• Benchmark Price: $346,300 (+0% MoM, +17% YoY)
• Total Sales: 791 (-17% MoM, -15% YoY)
• Total New Listings: 1,043 (-6% MoM, +13% YoY)
• Sales-to-New Listings: 63%
• Months of Supply: 2.1 Months (+44% YoY)
• Days On Market: 27 Days (-4% YoY)
If you have any questions at all, please reach out to our team to help guide you, wherever you are in the process!