Hello Friends –

I hope you have been enjoying your summer as we have had a great run of some fantastic weather. While enjoying what is left of Summer, I have a brief update of the residential real estate market for the month of July.

Prices and sales volumes were up in the Greater Toronto Area in comparison to July 2022, up 4.2% and 7.8% respectively as July experienced a more balanced market compared to June. Even with home sales up over last year, sales are slowing slightly due to higher borrowing costs. Purchasers who are buying today are adjusting and are accepting of today’s higher borrowing rates as listing inventory still remains low. Months of available inventory has trended higher, around 3 months, however, if another home was not to come to market, we would be sold out of all home types in just those 3 months.

With record setting population growth planned for over the next ten years, demand for housing will continue. The new construction market has slowed due to the higher borrowing environment. However, this is posing an issue for our future housing supply, developers are not building new product if the new product is not being sold. With continued limited supply, prices will either remain constant or appreciate as we will not have the necessary number of homes for our growing population.

Opportunities are always best presented in an adjusting market. Whether considering buying, investing or selling, I am always available to discuss your options.

Enjoy the rest of your summer and I look forward to connecting with you soon.