Sales activity backs up that read: 446 homes sold in August, 6.6 percent above the ten-year average for the month, while supply sits at 1.63 months, tight enough to support sellers without producing the bidding wars a true shortage creates.
Direction and speed are two different questions. Prices are moving up, but the rate of increase has been measured rather than dramatic for several months running, which is consistent with a market absorbing higher borrowing costs rather than one running purely on scarcity.
Where you sit within that citywide number depends heavily on price band and neighbourhood; entry-level homes near $444,700 typically move faster than higher-end listings. Get your hand-reviewed valuation from Joel Dyck.