Inventory is up. Buyer urgency is down.
The number of homes on the market is up 42% in 2 years. Buyers are taking their time and negotiating deals.
Homes for Sale:
July 2025: 723
July 2024: 561
July 2023: 506
July 2022: 197
Source: CREA/WITAAR
Is The Market Crashing Like You Read Online??
No! Instead, it is more so balancing itself out in accordance with pre-covid prices.
Average Home Price:
July 2025: $624,237
July 2020: $491,618
Assuming an approximate 4% YOY growth, we are approaching being back on track by comparing the average price today to what it was before “peak COVID market” in July 2020.
Source: CREA/WITAAR
What Does This Mean If You Want To Sell Your House?
In today’s market, strategy REALLY matters!!
Pricing needs to be rooted in reality - based on my four pricing strategies (not what your neighbour’s house sold for in 2022).
Marketing needs to meet buyers where they’re already looking – innovative and creative strategies are a must.
It’s crucial to choose a Real Estate Agent who will help you make an informed decision so you can go into selling your house with a realistic mindset.
What Does This Mean If You Want To Buy A House?
Compared to what many people are used to during COVID, the market has since slowed and cooled down.
Bidding wars are much less likely and buyers often have more room to negotiate on price, conditions, and closing dates.
There is more inventory available, allowing buyers to “shop around” before making a rushed decision.
Should You Wait To Sell Your House?
It really depends! Everyone has a different situation and reason for moving.
If you bought your house during the peak of COVID for example and you simply want to list your house to try to make a profit today, it may not be a wise decision because there is a chance that your house has not increased in value significantly since you purchased it...
On the other hand, if you bought your house several years ago, and you’re looking to buy something different, it may. make sense even if you’re selling low, because you could buy low too...
What Could Happen If You Wait To Buy?
If you’re waiting to buy because you’re waiting for interest rates to drop, you are gambling with thousands of dollars.
If interest rates drop, but the cost of houses increase, you are more likely to pay more $$ in the long run.
Example:
$500,000 home w/ 5% ($25,000) down
$2,650/month @ 4.19% interest rate
$517,500 home w/ minimum downpayment ($26,750)
$2,678/month @ 3.94% interest rate
You pay $1,680 more in monthly payments over 5 years, $17,500 more for the house price & $1,750 more for downpayment
Curious About What Buying Or Selling Looks Like For You?
I'm Here to Help You!
Reach out today for a no obligation consultation or free home evaluation!
Teighan Morris, REALTOR®
The Realty Firm Inc., Brokerage
226-232-7003
Helping You Make Educated Real Estate Decisions
