July was another record setting month in terms of home sales and prices, scroll down for the info graphs and details.
Here is what you need to know about August:
There will be less listings, less buyers and therefore, less competition. Here is the caveat though... the homes that do go for sale and the buyers that are looking, are SERIOUS. A serious buyer and seller makes for very good negotiations.
If you are thinking of buying, I put together a list of open houses for this weekend
What is available for sale in your area and the location of your home are important factors in determining the timing of sale. If you are unsure about selling in August or want a better idea of your home's value, reach out here or simply send us an email.
The stat you may not have read:
With all the talk about these massive price increases not much was said of the lack of homes for sales. July saw 11,346 active listings in 2016. Compare that with 2015 which had 16,673 active listings in July and that is almost a 32% DROP in listings.. simply said - there is a HUGE LACK OF SUPPLY out there driving these prices up at a torrid pace.
The Vancouver Tax:
If you haven't heard by now, Vancouver is implementing a 15% non resident buyer tax to try and cool down their real estate market. Paying an extra $150,000 on a million dollar home will definitely have some foreign investors thinking twice.
Where will they go?
Lookout Toronto, this market may have just gotten hotter!