Here are the July 2024 numbers:
- Total number of units sold: 1,241 – increase 13.6% July 2023.
- Five-year average unit sales for July: down 7.1%.
- Ten-year average unit sales for July: down 8.8%.
“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” says OREB President Curtis Fillier. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist.”
“It’s too early to tell, but recent policy developments could be a boost,” says Fillier. “Two consecutive interest rate cuts by the Bank of Canada, coupled with the federal government’s introduction of 30-year amortization periods on mortgages for first-time homebuyers purchasing newly built homes, will help some buyers. However, these are demand policies and Ottawa — as well as many cities across the country — needs action on the supply side.”
Here are the July 2024 sales numbers:
- Average sale price of homes sold: $686,535 – down 0.5% in July 2023.
- Benchmark single-family homes price: $734,700 – down 0.1% in July 2023
- Benchmark townhouse/row unit price: $506,100 – up 3.4% in July 2023.
- Benchmark apartment price: $422,800 – down 0.9% in July 2023.