The good news for today is that the Bank of Canada announced it has held the interest rate!!!
What a month August was and not on the real estate side of the market. With the wildfires it does seem a lot of peoples plans likely were put on hold, only time will tell for how long they were put on hold. The total real estate sales in August was the lowest we have seen in 10 years. The drop in sales is likely a mix of the wildfires and back to school but we will have to see how it rebounds in September.
Regardless it wasn’t boding well for home sellers but the good news for the sellers is we are seeing inventory drop off. Total current inventory is still below the 10 year average of 2811 and we saw 2% of listings drop off from last month. if history is to repeat itself we should see inventory inventory drop off month over month until December. Home buyers and sellers can expect another 5% inventory, drop off this month, 8% in October, 9% in November and 16% in December.
For buyers it shows that you likely will have the most amount of inventory to choose from right now, for sellers it means just hang in there, be patient.
Total Sales Sales 365 New Listings 822 Current Inventory 2,709 Median Days to Sell 37 Average Days to Sell 50 Months of Inventory 7.42 Median Sale Price $755,000 Average Sale Price $816,064 Total Volume Sold $297,863,259 *Total AVG/Median Prices over the last 10 years
Single Family Sales 165 New Listings 415 Current Inventory 1,372 Median Days to Sell 36 Average Days to Sell 48 Months of Inventory 8.32 Median Sale Price $1,010,000 Average Sale Price $1,119,070 Total Volume Sold $184,646,604 *Single Family Average/Median Prices over the last 10 years
Townhome Sales 67 New Listings 118 Current Inventory 321 Median Days to Sell 33 Average Days to Sell 45 Months of Inventory 4.70 Median Sale Price $675,000 Average Sale Price $716,351 Total Volume Sold $47,995,500 *Townhome Average/Median Prices over the last 10 years
Apartment Sales 100 New Listings 179 Current Inventory 512 Median Days to Sell 37 Average Days to Sell 50 Months of Inventory 5.12 Median Sale Price $447,950 Average Sale Price $493,395 Total Volume Sold $49,339,468 *Apartment Average/Median Prices over the last 10 years
