Every month people ask us the same question.
“So…how’s the market?”
It’s a fair question.
Unfortunately, the answer isn’t usually found in the headlines.
One article tells you the market is crashing. The next says buyers are flooding back. Then someone at the barbecue tells you their neighbour sold in two days for over asking, while someone else swears nothing is selling.
The truth?
All of those things can be true at the same time.
Real estate has become incredibly local. One neighbourhood can be competitive while another has buyers negotiating hard. That’s why broad headlines often miss what really matters.
Here’s what we’re actually seeing in Simcoe County.
Buyers Have Something They Haven’t Had For Years…
TIME!!!!!
June finished with 2,738 active listings, 823 homes sold, 38 average days on market (for the homes that actually sold), and 6.6 months of inventory (which is driven by the homes that did not sell).
That means buyers have more selection, more negotiating power and, perhaps most importantly, the opportunity to make thoughtful decisions instead of emotional ones.
For sellers, it doesn’t mean homes aren’t selling. It means strategy matters again.
The days of simply putting a sign on the lawn and waiting for multiple offers are largely behind us. Today’s successful sellers are the ones who understand pricing, presentation and marketing psychology.
Fortunately, those have always been the fun parts for us.
Prices Continue To Show Remarkable Stability
One thing surprises many people.
More inventory has not resulted in prices falling apart.
Average June sale prices remained strong versus the previous month but keep in mind these prices are considerably down from market highs a couple years back:
- Detached: $834,254
- Semi-Detached: $606,583
- Townhomes: $611,222
- Condominiums: $439,072
That’s an important reminder that a balanced market doesn’t automatically mean further declining values.
It simply means buyers have become more selective.
The best presented and priced homes continue to command strong prices.
The Market May Quietly Be Setting Up Its Next Chapter
Here’s something that isn’t getting nearly enough attention.
While resale inventory has increased, new home construction has slowed dramatically, particularly for condominiums and ownership housing, while purpose-built rental construction has accelerated to record levels.
That may not sound exciting today. But a few years from now it could matter a great deal.
Less ownership housing being built today often translates into tighter resale supply tomorrow.
Mortgage News Continues To Improve
There was encouraging news on the financing front this month.
Although inflation ticked slightly higher, much of the increase was driven by gasoline prices rather than underlying inflationary pressure. Financial markets continue to expect the Bank of Canada to hold rates steady, while bond yields have eased, allowing fixed mortgage rates to improve in recent weeks.
There is another positive development that hasn’t received much attention.
Canadian banking regulators have reduced capital reserve requirements, giving lenders greater flexibility over time, and more lenders continue entering the marketplace.
Translation?
Buyers have more financing options than they did just a few months ago.
Competition among lenders is usually good news for borrowers.
One Statistic We Love
One of our favourite charts this month isn’t even local.
Since 1980, Canadian home prices have increased in 36 of the past 47 years.
That’s roughly three out of every four years, despite recessions, interest rate spikes, political uncertainty and global events.
Real estate has never moved in a straight line.
Corrections happen.
Markets pause.
But history has consistently rewarded people who purchased good properties and held them long enough.
Our Thoughts in Summary
Buyers have choices.
Sellers still have buyers.
Negotiation has become valuable again.
Preparation matters.
Local knowledge matters.
And perhaps most importantly…
This is no longer a market where one strategy fits everyone.
Every family. Every neighbourhood. Every property. Every life stage. They’re all different.
That’s exactly why we love what we do.
If you’d ever like to talk about your own situation, whether it’s buying, selling, investing, helping your children into the market, or simply wondering what your home might be worth- we’re always happy to have a conversation.
No pressure.
No sales pitch.
Just honest advice.
David, Colton & Danielle Weeks
The Weeks Group
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