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Last month we saw a slight increase in sales compared to July 2023 but there wasn't much change in sale prices. The only notable stat was the continued increase in the number of new listings.
This influx of inventory hasn't lowered prices, which shows that sellers are being patient and listings are remaining on the market longer — but sale prices are stable.
The Bank of Canada lowered rates again this month and we anticipate a further quarter point decrease in the fall. These rate changes have made borrowing more affordable for buyers. The fall market is typically more active than summer and I hope it will be even more so with the cost of borrowing. -Andrew.
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