As summer has been winding down and everyone preparing for Kids going back to school, we saw an anticipated slowing of the market throughout August. We saw a large decrease in sales activity where August sales were down 34% compared to 2021. For a few months in a row now, active listings continued to surge, across our communities we saw 140% rise in active listings. There’s lots of opportunities for Buyers right now but don’t forget that seller’s are still getting top dollar for their properties. Year to date, the average sale price is up 13.3% compared to this point last year.
In our local communities, we saw these trends continue, a lot more inventory in Midland with a huge 195% increase and in Penetang with a 121% increase. We also saw large inventory increases in Tiny and Tay throughout August. Whilst house prices still look very attractive to sellers, the Bank of Canada continues to adjust interest rates and we will see more variations moving forward. Interest is likely to continue to rise so don’t miss out on that dream home now.
Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.
All data correct as of September 15th, 2022, data gathered by the Ontario Collective based on August 2021 vs August 2022.