One Minute Market Report - July 2023

One Minute Market Report - July 2023
July 2023 Key Takeaways:
  • July saw another rate hike putting Bank Of Canada's Overnight Rate at 5%. This has sidelined some buyers.
  • Average sale price is down month over month about 8%.
  • Home sales are down month over month 33% month over month but up 3% from last year.
  • New listings are down month over month 12% showing homeowners are continuing to find ways to hold their homes through tough times.
  • August will likely continue to see cooling in all areas as it is typically the slowest month of the year for real estate. People tend to enjoy the weather and watch the market from the sidelines through August before ultimately deciding whether or not to take a plunge in the September Spring market.

All data below. What do you think? 

*I keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reply to this email to schedule a call.