While sales have eased for two months in a row, year-to-date, they remain higher than levels reported in 2025. This was partly possible due to gains in new listings, which have raised inventory over last year’s levels. Much of the inventory growth was driven by higher-density homes. In July, the months of supply pushed above four months, and the sales-to-new-listings ratio dropped to 46 per cent. This represents a shift from earlier in the year, and if it persists, it could have further implications for prices. Overall, the unadjusted detached benchmark price was $659,400 in July, down over June and nearly four per cent lower than last year. Like other markets, the added competition from new home products and competing markets is weighing on resale prices.
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