That number comes specifically from 726 active listings, after removing 239 conditionally sold units, divided by 446 sales in August, so it captures both how much is actually available and how fast it's moving, not just one side of the equation.
A single citywide label glosses over real differences between neighbourhoods and price bands. Entry-level homes near $444,700 can face real competition while a specialty or higher-end property in the same city can sit for much longer, so the balance shifts depending on what and where you're buying or selling.
Whether that favours you specifically depends on your price point and neighbourhood, not the headline number alone. Get your hand-reviewed valuation from Joel Dyck.