As we look back at June, we can see that the market has begun to balance out. There was no large average sale price increases year over year, in fact we saw a 1.5% decrease in average sale prices compared to 2021. It’s worth keeping in mind though that prices are still up 36% compared to 2020 and 54% compared to 2019. The trifecta of rapidly rising mortgage rates, declining demand and surging listings (Up 89% in our communities) has shifted the market balance, previously in favour of sellers for a prolonged period, into a buyer’s market for the first time in many years.
In our local communities, we saw these trends continue, a lot more inventory in Midland with a huge 133% increase and in Penetang with a 181% increase. We also saw large inventory increases in Tiny and Tay throughout June. Prices stayed pretty consistent across our communities, a 2% decrease in Tay and 1.6% decrease in Tiny however Penetang saw 6% increase in average sale price. Even with a small decrease, Tiny’s average price is still lingering very close to the $1m mark for average pricing. Whilst house prices still look very attractive to sellers, the Bank of Canada adjusts interest rates 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 July 14th, 2022, data gathered by the Ontario Collective based on June 2021 vs June 2022.
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