July 2020 Market Intelligence

Third month of declining volume and declining average prices (except for Burlington).

Be careful. Reading headlines doesn’t tell the whole story. Yes, we have been going through some tumultuous months in the Canadian Real Estate Markets this year. We have had incredibly high demand and low supply levels. We have been in a seller’s market for many years. What we are experiencing now is fatigue, buyer’s fatigue, seller’s fatigue, and even realtor’s fatigue. These seller’s markets are incredibly demanding for all those involved. Most sellers are buyers too. Sellers usually choose to buy first in this type of market, since it’s much more difficult to buy, which reduces the inventory further. I anticipate a softer market over the next two months as people start to vacation again. I would expect the market to ramp back up in September/October as it usually does every year (check the graphs below).