After one of the slowest May markets on record, June showed encouraging signs of stabilization, with overall sales increasing by 0.7% compared to the same time last year. While the market remains challenging, several areas, including Cambridge, Hamilton, Burlington, Mississauga, and Norfolk County, experienced stronger sales activity than the overall region.
Home prices continued to soften, with benchmark values declining year-over-year in every market and month-over-month in nearly all areas. Norfolk County was the exception, posting a modest monthly increase, while Burlington was the only market to record a year-over-year rise in average sale price.
New listings also declined in many communities, reducing the number of homes available for sale and affecting overall inventory levels. The result is a market that varies significantly from one neighbourhood to the next. Some areas are creating opportunities for buyers, while others continue to favour sellers. That’s why local market knowledge is more valuable than ever, as real estate conditions can differ considerably from one community to another.
