This is a representation of what is going on at the Real Estate Market for Norfolk County for the month of July 2022.
I have compared July sales versus June sales of this year 2022.
For Norfolk County in June we had 71 Homes Sold and in July 51 Sold
The average Sale Price in June was $688,180 and in July $800,473 (there were a few expensive properties sold)
There are more homes on the market June were 309 and in July 343
Average days on the market showing in June 17 days and in July 31 days – taking a little longer to sell
July, we had the Bank of Canada raise the interest rates, to 4.71% for a 5-year mortgage. This Mortgage hike it has reduced the buyers spending power and the stress test percentages have gone up too.
There are some homes that have reduced their prices this month, and Buyers are feeling confident in putting in an offer with Conditions with Home Inspections and Financing Clause.
Bank of Canada has 2 more dates that they will be increasing the lending rates – watch for it on September 7 and October 26.
Disclaimer: This information provided herein is deemed accurate but not guaranteed. Source: Simcoe & District Real Estate Board, ITSO MLS SYSTEM