We had 2136 sales in August, which is highly comparable to last year-but still high compared to anything between 2015-2020. With record sales this year, it may feel like we’re slowing down. However, we are just coming into a more balanced market. As of right now, we have 2.24 months of inventory. That means that if no more homes were to go on the market, we would sell out of listings in 2.24 months. That number has been creeping higher since March this year.

 We are still very much in a seller’s market; however, competition is starting to increase, and we’re coming further into a balanced market. With interest rates rising again in October, this may put more pressure on first-time home buyers, which I believe will make them much harder to qualify and push them down in price range (as they still need to qualify at 2 points higher with new mortgage rules). This will bring more buyers into our condo/townhouse price ranges and may help sales in those sectors. This will also reduce the pressure on competing offers, thus bringing down overall sale prices.