Ughhh! This was not a great week in the Halton Hills real estate market. We saw a couple of concerning things that would cause Sellers to be in for a major long-haul and prices softening in our market if they continue to trend this way.
The main concern was that sales really decreased - we had consistently been on a trend of about 12 sales in Georgetown and that was cut in half this week, which may mean buyer activity is really slowing down. The second concerning trend is that we saw a huge number of new listings hit the market this week. At this point in the summer, it is usually crickets when it comes to listings hitting the market, and it generally helps our inventory levels soften going into the fall. Unfortunately we did not have that happen this week and instead had 25 new listings, which is really high.
We got the news that inflation is down again so there is a good chance on the 24th, the Bank of Canada may do another rate cut but we saw very little impact from their last rate cut, so I am not holding my breath that that will positively impact the market.
Hopefully this week was a blip and not the trends we will continue to see through the summer, but if it continues throughout the back half of 2024, we might have a rough Fall market.
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