The latest real estate numbers for Elora, Fergus and the surrounding area are in, and August brought some encouraging news when it comes to sales activity. More homes sold than they did a year ago, and total sales volume was up considerably.

But before we call it a turnaround, there’s more to the story.

While August saw stronger activity, the year-to-date numbers continue to show a market where buyers have the advantage. The median sale price remains well below last year’s level, homes are taking longer to sell, and expired listings have increased substantially.

More Homes Sold in August

One of the brighter spots in August was the number of homes that actually changed hands.

54 homes sold during August 2026, up 20% from the 45 sales recorded in August 2025.

That increase in activity helped push monthly sales volume up nearly 24%, reaching approximately $47.25 million, compared with $38.13 million a year ago.

It’s certainly encouraging to see more transactions taking place. However, one stronger month doesn’t necessarily mean the market has shifted direction — particularly when we look at the bigger picture.

The Median Price Still Tells a Different Story

The year-to-date pricing numbers continue to be one of the most important things to watch.

The year-to-date median sale price is now $751,250, down 7.47% from $811,892 at the same point last year.

That’s a significant difference and suggests the typical home is still selling for considerably less than it was a year ago.

The year-to-date average sale price, however, has increased 4.36%, reaching $865,903.

That might initially sound like home prices are rising, but the sales mix is important here. There has been considerably more activity at the higher end of the market, including 10 sales over $2 million so far this year compared with just four at the same point in 2025. Sales between $1 million and $2 million are also up nearly 5%.

So, much like we’ve seen in previous months, the average price doesn’t necessarily reflect what is happening to the typical home. The median continues to paint a picture of softer pricing.

More Listings — and Many Aren’t Selling

There are also more properties competing for buyers.

Year-to-date, 830 new listings have come onto the market, up 2.72% from 808 at the same point last year.

More telling is what is happening to those listings once they’re on the market.

145 listings have expired so far in 2026, compared with 92 during the same period last year — an increase of nearly 58%.

In August alone, expired listings jumped 123% year-over-year, from 13 to 29.

That is a pretty strong signal that buyers aren’t simply absorbing the additional inventory. Sellers are having to compete for a relatively cautious pool of buyers.

Homes Are Taking Longer to Sell

Another trend that continues to work in buyers’ favour is the amount of time homes are spending on the market.

The year-to-date average days on market has climbed to 51 days, up from 43.75 days a year ago — an increase of nearly 17%.

That extra time can make a big difference. Buyers have less reason to rush into a purchase when they know there are other options available, while sellers may need to be prepared for a longer marketing period.

Not Every Part of the Market Is Moving the Same Way

There are some interesting differences depending on the type and price range of property.

Freehold homes remain the largest part of the market, with year-to-date unit sales up just over 1% and sales volume up more than 5% compared with last year.

Condominiums are showing considerably more activity, with unit sales up 15% and sales volume up nearly 29% year-to-date.

At the same time, sales of homes between $750,000 and $999,000 are down more than 9%, while sales above $2 million have increased significantly.

This is another reason why looking beyond the headline average price is so important.

What Does This Mean for Buyers and Sellers?

For buyers, the market continues to provide opportunities. There are more homes available than there were a year ago, properties are taking longer to sell, and the median price remains below last year’s level. For buyers who are prepared and patient, there is still room to negotiate.

For sellers, August’s stronger sales numbers are encouraging, but the competition hasn’t disappeared. With expired listings significantly higher and homes taking longer to sell, pricing a property correctly from the beginning is more important than ever.

The Bottom Line

August brought some welcome activity to the real estate market in Elora, Fergus and the surrounding area. Sales were up 20% and dollar volume increased nearly 24% compared with August 2025, which is certainly positive news.

But the year-to-date numbers tell us not to get ahead of ourselves.

The median sale price remains 7.5% below last year, homes are taking longer to sell, and expired listings have increased by almost 58%. Meanwhile, the average sale price is being supported by increased activity at the higher end of the market.

So while August showed signs of increased activity, there is still plenty of downward pressure in the broader market.

As we head toward the fall, the big question is whether this stronger sales activity can continue — and, more importantly, whether it will be enough to absorb the inventory and put upward pressure on prices. For now, buyers continue to hold much of the negotiating power.

Full Report: Royal LePage® Royal City, Brokerage. Centre Wellington Market Report. August 2026: