Market Minute

by Sue Creed

For the first time since 2020, we've seen a "typical" summer market in Southern Georgian Bay. This has meant modest changes in inventory, low transaction activity, and relatively quiet overall traffic. It appears that Ontarians still tend to put real estate deals on hold during the summer months, preferring to travel or simply avoid the process altogether.

Looking ahead, we anticipate that upcoming cuts to interest rates this fall will provide both buyers and sellers with greater confidence regarding the Bank of Canada’s stance. While this may not drastically alter market conditions, it should contribute to greater stability.

Given the current days on market and projections for fall 2024, we believe we are in a buyers’ market. In this environment, we can expect more sales below asking prices, extended days on market, and conditions that generally favor buyers. Competitive bidding will likely decrease as buyers benefit from a wider selection and more time to make decisions.

In the short term, we anticipate slower price growth. However, my team and I are actively preparing for a more dynamic fall market. We have a diverse range of properties coming to market and are excited to share these new opportunities with you.