New listings are also part of the picture. New listings rose 12.3 percent year over year in the same report, which matters because more new listings next year would ease the current supply squeeze, while a slowdown in new listings would tighten it further.
None of these numbers are a prediction on their own; they are the inputs a serious forecast has to start from, and they can shift month to month with interest rates, employment and how many people list at once.
Joel Dyck reads these monthly reports as they come out and can tell you what they mean for your specific situation rather than for the city as a whole. Get your hand-reviewed valuation from Joel Dyck.