Buyers continued to benefit from ample choice in the marketplace, as many homeowners facing a sharp rise in mortgage payments when their mortgage comes up for renewal, are looking to exit their investment. The better-supplied market meant that buyers also benefited from a slight relief in selling prices on average. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is expected to decline further in the coming months with financial markets fully pricing in another 25-basis point reduction in borrowing costs in September. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments. Buyers have a lot of negotiating power right now. As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to renewed price growth.