The market was more balanced in July
The market was more balanced in the Durham Region, yet still considered a seller's market* with only 2 months of inventory despite a decline in sales and average price across the region in July.
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What's the Takeaway?
The market has slowed down slightly in July but historically the dog days of summer are when demand decreases due to buyers putting off their searches. However, buyers could also be feeling the results of June’s interest rate announcement when the Bank of Canada increased its policy rate by 0.25%.
Sellers need to stay abreast of market conditions especially as we head into September when the Bank of Canada’s next interest rate announcement will take place.
Buyers can take advantage of summer months with a little less competition and perhaps feel a little less rushed with average days on the market increasing.
What should we expect for the Fall Market?
Is this month’s sales a result of seasonality or the Bank of Canada’s interest rate increase in June? That is the question. It’s likely a little of both. If September brings another rate increase we can expect that to further impact purchasing power and in turn sales and pricing in the Durham Region.
If not the Fall Market may bring more buyers back into the market and increase competition for a limited supply of homes.
As always follow us and reach out with any questions you have on this ever-evolving real estate market.
*What constitutes a seller's, buyer's, or balanced market?
- 2 or fewer months of inventory is a seller's market
- 3-4 months of inventory is a balanced market
- 5+ months of inventory is a buyers market
If no new properties came on the market it would take less than 2 months to sell all the available homes.