Trying to sell or buy a home this summer? What a realtor says you should know
CTV
In the first few weeks of summer, the real estate sector is experiencing an upturn marked by more housing inventory, a Canadian realtor says
In first few weeks of summer, the real estate sector is experiencing an upturn in activity, according to a Canadian realtor, with both buyers and sellers navigating the evolving market.
"We're seeing a huge uptick in housing inventory, lots of more for sale signs," Toronto-based agent Erica Reddy told CTV Your Morning Wednesday.
The resurgence of the summer market means inventory is up by 28.4 per cent from a year ago, according to the Canadian Real Estate Association (CREA).
"With that uptick in inventory, you're seeing more active buyers and active sellers," Reddy said.
Despite "for sale" signs popping up more often, market forecasters say slower sales is another trend forecast for this summer.
While spring and summer months typically see a boom in the Canadian real estate market, the number of homes sold in May fell 5.9 per cent compared with a year ago, the latest available data from the CREA revealed. In a report released mid-June, the CREA said new residential listings were up 13.5 per cent nationally from May 2023, but in addition to a decrease in sales, prices were also down on average.
The impact of the Bank of Canada's decision to lower its key interest rate to 4.75 per cent is yet to be felt, Reddy said.
