Market Commentary July 2023
People who love art usually enjoy the other finer things in life, such as good food, wine, picturesque landscapes, and elegant architecture. Now it is increasingly possible to enjoy these pleasures all at once. Across the world, owners of historic buildings and vineyards are boosting their potential as tourism destinations by using them as a backdrop for their art collections. From wineries in Chile, Tuscany, and California, to castles in Ireland and Italy, a former monastery in Croatia and a coaching inn in Scotland, they have created immersive spaces where a range of cultural and culinary offerings meet in beautiful surroundings.
Hope you're enjoying the last few weeks of summer.
Sales activity was slower last month as expected for July. Rising interest rates continue to impact buying power and buyers, particularly in the luxury home market are becoming increasingly more specific about the type of home they are willing to purchase. The average sale price for a detached home in Hamilton still manage to rise by 8 per cent y/y to an average selling price of $942,008. As we look forward to the fall market, another lingering interest rate increase announced by the Bank of Canada will motivate buyers who have been preapproved for a mortgage to find their perfect soon. Read the full report RAHB Report.
"Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
Read the full report here TRREB Report.
