Months of supply is the figure to watch rather than the price. It answers how long the current inventory would last at the current pace of sales, and anything under roughly four months tips negotiating leverage toward sellers. At 1.63 months, well prepared listings in the common price bands see competing interest rather than a slow drift downward with two price reductions along the way.
Underneath the headline the market is not uniform. Entry level bungalows and townhouses in the core and the older suburbs move quickly because that is where buyers with a 5 percent down payment can actually transact, while the upper end above the benchmark depends far more on whether the home is genuinely finished. The same month can feel busy in one price band and quiet in another.
A market summary is still not a valuation. The benchmark models a typical home with typical attributes across the entire city, which means it cannot see the improvements on your particular lot, and neither can the online estimates built on the same public data. Joel Dyck's hand-reviewed valuation prices your house against the sales that actually compare to it, then counts the work the records missed.