08/11/2026
Price declines driven mostly by apartment condominiums..
* Sales in July 1,904 (down 9.2% from this time last year)
* Benchmark price for total residential (all property types): $569,200 (down 2.1% from this time last year
* Inventory: 6,626 (down 4.2% from this time last year)
* Months Supply: 3.48 months — Balanced Market
Summary:
As we move into the second half of the year, it is not a surprise to see slower market activity. In July, both sales and new listings eased over June levels, declining to 1,904 sales and 3,323 new listings. Sales were 9% lower than last year’s levels, while new listings were 15%.
Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year. While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments.
While demand has slowed this year, levels remain stronger than those reported during the challenging market conditions experienced from 2015 to 2019. What has shifted significantly is the additional supply choice across the housing spectrum. Total resale inventory levels remained relatively stable compared to both June and July 2025. However, the slower July sales pushed the months of supply up to three and a half months. While the months of supply is rising across all property types, conditions remain mostly balanced in the detached and semi-detached sectors. In the higher-density sectors, the market continues to favour the buyer for apartment-style homes with nearly five months of supply, while row is experiencing some signs of oversupply.
[stats provided by CREB®]
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