Can you believe it’s already August? Summer always seems to fly by, but there’s still plenty of time to soak it up. Whether you're catching some patio sunshine, sneaking away for a weekend escape, or just enjoying a slower pace, August is all about taking a breath and enjoying the little things.

In this issue, you’ll find a few ways to make the most of what’s left of summer - from spots where you can escape the city buzz to where to find the best Italian food in town.

Before we look ahead, here’s a quick glance back at July's real estate stats: sales were actually up compared to July 2024, though prices have continued to soften. That being said, sellers continue to list their properties giving buyers more options to choose from. Considering the Bank of Canada continues to hold interest rates steady, the hope is that with this stability, it might just help move a few more buyers into action and sales numbers will continue to grow.

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In July 2024, interest rates were still high and that was reflected in the number of sales. Now that rates are lower, it’s not a surprise that sales were up this July (not by much, but it’s an improvement!)

Why? People are seeing more stability in the market and are beginning to see the value again. There is a ton of inventory (over 11,700 properties are currently on the market), which means that power has swung back into buyers’ hands, and they’re able to negotiate. Yes, there are still multiple offers in the key neighbourhoods for the perfect house but for the most part prices have softened.

While the Bank of Canada may hold rates steady for the next little while - with a potential cut later this year - smart buyers are moving forward now.

If you're both buying and selling, it's better to sell first in this market. That way, you're in a stronger position to negotiate on a new home and, once your home is sold, you can focus on finding the right place without all the what-ifs. Buyers sometimes worry there won’t be anything out there, but once we start looking, they usually feel a lot more confident. With so much on the market, there will be something that ticks all the boxes.

If you’re a seller, with so much competition, this is not the time to “test” the market to see if maybe you can get a jaw-dropping sale price. You have to set a realistic price, otherwise you’re just wasting your time.

This is a different market than it was a year ago, and some sellers aren’t adjusting well to this new reality – they hope that what they read in the news about softening prices isn’t what’s going to happen with their property.

Even with a property that’s priced well, it’s the properties that are “totally done” where a buyer can move right into and live in their dream aesthetic, that are selling the fastest. Unless a home is in a specific neighbourhood, it’s rare that something in need of renos goes over asking, unless it’s priced really low… and even then it’s rare.

If you don’t have to sell, my advice is just relax and enjoy the rest of summer. Let’s see what the fall brings!

If you’re thinking of making a move this fall, let’s talk. Whether you’re buying, selling, or still figuring things out, it’s worth a conversation. The market may be shifting, but that doesn’t mean you can’t move forward with confidence.