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Canada’s latest inflation numbers came in at 2.7%, which is welcome news for the Bank of Canada. Those inflation numbers, plus lower-than-expected GDP growth, were enough for the BOC to decrease its overnight rate for the first time in four years. While this move does offer some relief for variable-rate mortgage holders and will help improve buyer confidence, it will not have a material impact on prices or sales volume in the short term. There is still a distinct difference between the condo and freehold markets. At the end of May, there were 6350 active condo listings and 4593 new listings—the highest and second highest, respectively, in history! While active and new listings are also increasing for the freehold market, it continues to do well! The average price has increased each month this year and, except for May 2023, is at its highest point in two years. At the end of May, the average sale price to list price ratio for all freehold homes was 104%, indicating that homes are still selling over asking—in most cases with multiple offers.

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