Sales were strong in the last month. There were 930 homes sold in July. While it was 12.5% below the 1,063 sales we had in June, it was 8.8% over the 10-yr average.
At the same time, new listings dropped to 1,391 (-29.5% m-to-m and -8.2% below the 10-yr average). Total active listings were 3,754 which essentially matched the 10-yr average (-10.8% m-to-m).
The intense upward pressure on prices appears to have subsided. Most sub-markets edged slightly lower in price over the last month according to the REBGV.
Market activity is typically quieter through the summer months. July was no exception. However, it's interesting to see a divergence between supply (shrinking) and demand (growing).
The biggest impact on the market right now is a lack of supply. Buyers are frustrated that they aren't able to find the property that they want on the market right now.
As I said last month, this is an opportune time to buy without facing significant competition. The problem is actually finding a property worth buying as so little is on the market right now.
I don't believe that August's numbers will be much of a surprise. August is typically the slowest month of the summer...and so the question becomes, what will happen in the fall?
I'm paying the most attention to the amount of supply on the market. I don't foresee that increasing significantly until well after Labour Day...So far it looks like we are setting up for a very busy fall.