Here we are in August... it’s hard to believe that summer is almost half over.

With the heat of the summer and in spite of the recent cuts to interest rates by the Bank of Canada, the sale volume across Simcoe County was down 16% from July 2023 and 7.5% from last month.  Buyers are continuing to benefit from more choice with the number of active listings up 36% over last July and just 1.8% over last month.

With the decrease in sales volume, the average selling price of $725,000 remained relatively flat compared to last month and a small decrease of 2% over July 2023.  Toronto Real Estate Board's Market Analyst, Jason Mercer, recently stated that as buyers increasingly take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. The above average inventory of homes available for sale are expected to keep home prices relatively flat. However, as this surpus inventory is absorbed, market conditions are expected to tighten somewhat through the balance of 2024.

To better understand how these conditions may impact your lifestyle decisions ahead, reach out anytime… we’re always here to help.  Our new book THE NEXT CHAPTER – CHANGE THE MINDSET, CHANGE YOUR LIFE is now available - CLICK HERE