Well, we definitely felt the pinch with the two interest rate increases in June and July this August in the real estate market. August is typically a slow month, but with the increase to 5% for the overnight rate, activity this past month really slowed down the market as most buyers and sellers were waiting to see what the Bank of Canada would do with this week’s interest rates. Sales remained relatively flat compared to July’s sales…both were just under 5,300 sales. However, this was a 5.2% drop compared to last year’s August sales. The average price was also flat compared to last year. The average price in the GTA was $1.082M a 0.3% increase from last August but a 3.2% decrease from last month New listings were up by 16.2% year-over-over, providing some relief on the supply side but year-to-date listings are still down compared to the same period last year. The good news is that BoC decided to keep rates as is for the time being. Keep rates stable sending the signal of stability which adds confidence in our marketplace. Look for the market to pick up this September. Until the next rate announcement, we all will be holding our breath.