All property types experienced price declines, with townhomes and semi-detached homes seeing the largest drops at 3.4% and 3.3%, respectively.
“When looking at the non-seasonally-adjusted average selling price there’s always a dip in the summer anyways,” said TRREB market analyst Jason Mercer. “There could be some market conditions involved, as buyers benefit from more choice, and there would be a dip in price regardless as you move through the summer. It’s a recurring seasonal trend.”
Sales declined 13.2% month-over-month but rose 3.3% compared to July last year, suggesting a positive impact from the Bank of Canada’s recent interest rate cuts. TRREB president Jennifer Pearce highlighted the encouraging rise in sales compared to last year and noted that borrowing costs are expected to decline further, which could boost sales as buyers benefit from lower mortgage payments.
“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July,” said TRREB president Jennifer Pearce in the report. “Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments.”
Stay tuned to see how the summer market continues into August. Feel free to contact me if you have any questions.