Home prices across all home types have risen again in July, as low inventory levels are providing steady ground for price growth. Actual sales remain about 15% below the 10-year average, but are also up about 30% compared to last July when we saw the Bank of Canada increase the overnight rate by a full 1%.
See below for stats breakdown!
Sales-to-active listings ratio for July 2023 across all property types is 24.9%
- 16.5% for detached homes
- 32% for townhomes
-30.6% for condos
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
Sales of detached homes in July 2023 totalled 681, a 28.7% increase from the sales in July 2022, while benchmark pricing increased .6% year over year. Since June 2023, benchmark pricing has increased 1.1%.
Sales of condos in July 2023 totalled 1,281, a 20.7% increase from the sales in July 2022, while benchmark pricing increased 2.6% year over year. Since June 2023, benchmark pricing has increased .6%.
Sales of townhomes in July 2023 totalled 466, a 53.3% increase form the sales in July 2022, while benchmark pricing increased 1.2% year over year. Since June 2023, benchmark pricing has increased .5%.
The next Bank of Canada meeting and announcement is scheduled for September 6th, if rates are left neutral then we should see Buyer confidence fortified and further strengthen to the sales numbers. If rates are increased we could see these sales numbers weaken, though without inventory numbers picking up there isn't much likelihood of any downward pressure on pricing.
Reach out to chat about your home plan!
Chris Strand
604.308.2344
chris@chrisstrand.ca