August 2023 Market Update

"August slipped away into a moment in time..."  - Taylor Swift August is always a bitter sweet month.  It is the end of summer vacations, the trend towards shorter days, and the trees starting to change colours and lose a few leaves....  In real estate it's also a transition month.  A transition to what typically represents our second busiest season, the Fall market.   As we reflect on the last 30 days, the market remains in a state of 'stalemate'.   Those who have been waiting for a big market crash this year after the Bank of Canada has continually raised rates have been underwhelmed in the sense that we haven't seen a downward pressure on pricing in most segments fo the market.  The two biggest factors driving our market are housing supply (which remains quite low) and continued market resistance to growth based off of factors like affordability (the ability to qualify) and the consumer mindset (which remains hesitant).   The next 60 days will continue to shape our market to come with the next Bank of Canada interest rate announcement coming on September 6, 2023.   - Bryn Johnson -