Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead. 

While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market.

 If you're thinking about selling your home, being aware of the trends in the market will help you understand the strength of the market. 

Our monthly market update showcases everything you need to know about local real estate trends over the last month.