If you’ve been keeping an eye on the real estate market lately, you’ve probably noticed the shift. it’s not quite the same fast-paced, multiple-offer frenzy we saw a year or two ago. The reality is, right now is actually a pretty great time to buy a home… but it’s a tougher time to sell.
Let’s break down why.
July Numbers - Benchmark Prices:
Total Residential: $582,900 (↓ 3.9% YoY)
Detached: $761,800 (↓ 0.8% YoY)
Semi-Detached: $697,500 (↓ 1.4% YoY)
Row: $446,200 (↓ 3.9% YoY)
Apartment: $329,600 (↓ 4.8% YoY)
Sales: 2,099 (↓ 11.6% YoY)
New Listings: 3,911 (↑ 8.5% YoY)
Months of Supply: Apartments are sitting at almost 4mo, while detached and semi-detached hover around 2.5-3mo.
Why It’s a Good Time to Buy:
More Choice, Less Pressure
Buyers have a bigger selection of homes to choose from than they did during the ultra-competitive years. That means less “rush to offer” and more time to actually compare, negotiate, and find the right property.
Room to Negotiate
While prices in some areas are holding steady, sellers are more open to negotiating on price, possession dates, and even including extras.
Stabilizing Interest Rates
Rates aren’t at historic lows, but they’re not spiking like they were. Buyers who were waiting for some stability are finally getting it, and there’s also the potential for rate cuts later this year, which could make things even more attractive.
Why It’s Tougher to Sell:
Buyers Have More Power
With more inventory on the market, buyers can afford to be pickier. That means homes that aren’t priced right or don’t show well tend to sit longer.
Longer Days on Market
Gone are the days of selling in 24 hours with five offers. Properties are taking longer to move, which can be stressful for sellers with deadlines or tight timelines. On average the last few months, properties can sit on the market for up to 30+ days.
Price Adjustments Are Common
These days, sellers need to be realistic about pricing right from the start and sometimes that means adjusting downward if the home isn’t getting much traction. I know it’s tough when you remember your neighbour sold last year for $50,000 more over ask, but that was a completely different market than the one we’re in now.
Conclusion:
If you’re buying right now, you have more leverage than you’ve had in years, use it to your advantage. If you’re selling, success comes down to strategy: proper pricing, standout marketing, and making your home look its absolute best.
The market is always moving in cycles. Right now, it’s a buyer-friendly moment, but that can (and will) shift again. The key is to understand where things stand today and make your move accordingly.
