OREB has released the stats for the July 2023 market. What does this all mean? By the numbers below for a quick snapshot. Read the full release here.
Residential Property Sales in July 2023:
- Total residential properties sold: 1,263
- Increase in sales compared to July 2022: 15%
- Freehold-property class sales: 979 (up 18% from last year)
- Condominium-property category sales: 284 (up 6% from last year)
- Five-year average for total unit sales in July: 1,621
Average Sale Prices in July 2023:
- Average sale price for freehold-class property: $754,188 (up 5% from 2022, 1% increase from June 2023)
- Average sale price for condominium-class property: $435,094 (up 2% from a year ago, 3% lower than June 2023)
- Year-to-date average sale price for freeholds: $735,103 (9% decrease from 2022)
- Year-to-date average sale price for condos: $433,447 (6% decrease from 2022)
Inventory & New Listings:
- New listings in July 2023: 2,234 (6% lower than July 2022, 19% lower than June 2023)
- 5-year average for new listings in July: 2,336
- Months of Inventory (freehold-class properties) in July 2023: 2.7 months (decreased from July 2022, increased from June 2023)
- Months of Inventory (condominium-class properties) in July 2023: 2.3 months (decreased from July 2022, increased from June 2023)
- Days on market (DOM) for freeholds in July 2023: 26 days (increased from July 2022 and June 2023)
- Days on market (DOM) for condos in July 2023: 28 days (increased from July 2022 and June 2023)
Assistance with Rentals and Tenants:
- OREB Members assisted with renting 3,921 properties since the beginning of the year (11% increase compared to last year at the same time).
Market Insights:
- Despite interest rate hikes by the Bank of Canada, transactions and average prices are up from last July.
- Positive indicators in July suggest solid year-over-year results in the second half of the year.
- Inventory is increasing, providing more options for homebuyers.
- The market has calmed compared to the pandemic frenzy, and sellers need to manage their expectations.
- Professional licensed REALTORS® are instrumental for buyers and sellers in this fluid market.
Note: All percentages mentioned above are calculated in comparison to the corresponding data from the previous year unless otherwise specified.
Please contact me with any questions and to help you navigate you home sale or purchase.
Source: OREB
Information located on this site is from sources believed to be reliable but should not be relied upon without verification. We assume no responsibility for its accuracy.
