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July unit sales were up this year over last however listings were up by a larger percentage so we have firmly stayed in a balanced market. When it comes to low rise, buyers have continued to have a great selection when looking for a new home and this is leading to plenty of negotiations on final price. This is leading to prices staying flat to slightly lower in some pockets.

When it comes to condos the amount of new listings coming on the market is far outstripping the current sales rate. Condos, especially in the downtown core are experiencing a buyer’s market where there is a lot of negotiation and price reductions happening right now.

Mortgage rates are coming down, with most fixed rates now below 5%. There is much talk of another one, perhaps two rate cuts from the BOC by the end of the year. We’ll continue to see lower rates as the months progress and with that more buyers will start to return to the market. This should provide a continued balance to the low-rise market and bring some stability to the condo market. How soon? I expect to see a small percentage increase in buyers each month that will eventually add up to a stronger spring market. At that point, if rate cuts have continued we will likely see continued month-over-month improvement throughout the remainder of the year.

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