Things have been cooling in our market and getting back to normal day to day business. The Bank of Canada raised its benchmark interest rate by a quarter of a point to one per cent today which may cool things down even more. That said current inventory levels are very low at 371 listings for August 2017. Our average listing numbers over the last 3 years in August is 495 listings. This will help to keep the values realized over the last 6 months.
Listings are down but so are number of sales. There was 243 units sold in August 2017, average number of sales for the past three years comes in at 325 units.
Listings are starting to expire as everyone is trying to figure out the market and it’s constant directions. In six months we went from 20 offers on a house to just working hard to get an offer. It has been a roller coaster.
I believe that we will finish strong with a solid September and October. We will need to keep an eye on our inventory levels and see how today’s rate change will affect us over all. On average we sell 3200 units per year and we are currently at 2312 units sold. That leaves us 1000 units to be sold over the next 4 months just to be at the average. I think we will get there.