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Here are the basics – the ARMLS numbers for August 1, 2025 compared with August 1, 2024 for all areas & types:
- Active Listings: 24,091 versus 17,484 last year – up 38% – but down 6.2% from 25,683 last month
- Under Contract Listings (including Pending) 7,369 versus 7,287 last year – up 1.1% – but down 4.3% from 7,702 last month
- Monthly Sales: 6,156 versus 6,6207 last year – down 0.8% – and down 7.3% from 6,638 last month
- Monthly Average Sales Price per Sq. Ft.: $284.83 versus $286.62 last year – down 0.6% – and down 2.9% from $293.23 last month
- Monthly Median Sales Price: $441,995 versus $440,000 last year – up 0.5% – but down 1.8% from $450,000 last month
Sellers can take comfort from the decline in supply, down about 6% from a month ago, though still up 38% from this time last year. Much of the decline was due to cancellations and expiries, up 7% and 15% compared with the previous month. Many sellers are taking a time-out but those that remain have the advantage of less competition.
Unfortunately there is little comfort in the demand numbers. Closed sales were slightly down on July 2024 and dropped 7.3% from June. Under contract counts managed to beat August 1, 2024 by 1.1% but are down 4.3% from a month ago.
Pricing is now in a firm downward trend now that the top end of the market is quiet for the summer. The average $/SF for July dropped almost 3% compared with June and the monthly median fell another 1.8%.
August looks likely to give us more of the same. We are expecting supply to decline further as more sellers withdraw, though this pattern is likely to end during September. We usually get a second wind for new listings as we move into Autumn, especially for the luxury and 55+ sectors.
Demand is stuck in first gear but those buyers who are active are being treated with the utmost respect. This is in stark contrast to 2021-2022 when most attractive listings received multiple offers within days and buyers had to work hard to even get noticed.
Pricing in nominal terms remains at around the same level as three years ago, at least outside the luxury sector. However inflation has reduced the buying power of the dollar, which means that homes are now significantly more affordable than they were in August 2022. Source Cromford Report
The 3 Things You Risk by Pricing Too High
When selling your house, the price you choose isn’t just a number, it’s a strategy.
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Will Mortgage Rates Come Down?
A common thought among today’s buyers is: I’m just going to wait for rates to come down. But is that a smart strategy?
“If you’re looking for a substantial interest rate drop in 2025, you’ll likely be left waiting. The latest news from the Federal Reserve and other key economic data point toward steady mortgage rates on par with what we see today.”
In other words, don’t try to time the market or wait for a drop that may not be coming.
Most experts say rates will remain in the 6s, and current projections have them settling in the mid-6% range by the end of this year.
Rates today, on average, are at 6.75%. I project that rates can get as low as 6% next year. If you try to time the market for the best rate, you may pay a much higher price for your next home. There is pent-up demand on the sidelines, and once rates come down, there will be added competition and possible multiple offers for the home you’re interested in, which could lead to higher prices.
Thinking of buying or selling? Let’s talk. With over 21 years of experience, I’ll help you navigate the market and make informed decisions.
Are you interested in what your home is worth? Click the Home Valuation link below in my signature line. How about an equity analysis report? You may have more equity than you’re aware of.
