As we look back at July, we saw a really interesting shift that presents opportunities for buyers and sellers. We saw a large decrease in sales activity where July sales were down 50% compared to 2021. However, in the sales that did take place, prices were up compared to 2021. For a few months in a row now, active listings continued to surge, across our communities we saw 119% 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.
In our local communities, we saw these trends continue, a lot more inventory in Midland with a huge 121% increase and in Penetang with a 100% increase. We also saw large inventory increases in Tiny and Tay throughout July. Prices were up across our communities, a 57% increase in Midland and 15% increase in Tiny & Penetang. 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 August 9th, 2022, data gathered by the Ontario Collective based on July 2021 vs July 2022.