The July real estate numbers are in for Elora, Fergus and the surrounding area, and the latest report continues to paint a challenging picture for sellers.

While there are still homes selling and buyers are active, July saw fewer transactions, lower prices and more properties coming onto the market compared to the same time last year. With expired listings also climbing sharply, buyers continue to have the upper hand.

Home Prices Continue to Move Lower

One of the clearest trends in July was the decline in home prices.

The median sale price fell 6.57% year-over-year to $747,500, while the average sale price declined 5.86% to $803,359.

This is particularly noteworthy because both measures moved lower at the same time. Unlike some previous months where a handful of higher-priced sales pushed the average upward, July’s numbers show a broader softening in sale prices. The median suggests that the typical home is selling for less than it was a year ago.

Fewer Homes Are Selling

Sales activity also declined in July.

A total of 44 homes sold, down 8.33% from the 48 sales recorded in July 2025.

With fewer homes changing hands and lower sale prices, total sales volume fell even more sharply — 13.71% year-over-year to $35.35 million.

More Homes Are Coming to Market

At the same time that fewer homes are selling, more properties are being listed.

New listings increased 2.86% year-over-year, with 108 homes coming onto the market compared to 105 last July.

That may not seem like a dramatic increase on its own, but when combined with declining sales, it creates more competition among sellers.

Even more telling is the number of listings that expired without selling. Expired listings jumped 75%, from 12 last July to 21 this year. That’s a significant increase and another indication that some sellers are having difficulty finding buyers at their desired price.

Buyers Continue to Hold the Advantage

The numbers continue to firmly place Elora, Fergus and the surrounding area in a buyer’s market.

The July sales-to-listings ratio was 41.9%, down from 62.34% a year ago. More importantly, the year-to-date ratio sits at just 37.12%, below the 39% threshold used in the report to identify a balanced market.

In practical terms, there are still considerably more homes available than there are buyers willing to purchase them.

That gives buyers more choice, more time to consider their options and, in many cases, greater negotiating power.

Homes Are Taking Longer to Sell

Another trend that continues to stand out is the amount of time properties are spending on the market.

The year-to-date average days on market has reached 52 days, compared with 42.86 days at the same point last year — an increase of more than 21%.

For sellers, that means expectations around how quickly a property should sell may need to change. Buyers simply aren’t feeling the same urgency that was common during the more competitive markets of the past.

A Closer Look at What’s Selling

The year-to-date sales numbers also reveal an interesting shift in where activity is occurring.

Sales of homes between $750,000 and $999,000 are down 12.63%, while sales between $1 million and $2 million are up 9.62%. Sales over $2 million are also up 75%, although the actual number of transactions remains relatively small.

What This Means for Buyers and Sellers

For buyers, the current market continues to offer opportunities. There is more choice, homes are taking longer to sell, and sellers are facing increased competition. Buyers who are prepared and patient may have more room to negotiate than they’ve had in years.

For sellers, July’s numbers reinforce the importance of pricing realistically from the outset. With fewer buyers competing for available properties and a sharp increase in expired listings, simply putting a home on the market and waiting for an offer may no longer be enough.

The Bottom Line

July’s numbers reinforce a trend we’ve been watching throughout 2026: the market has not yet found a clear bottom.

Compared with July 2025, fewer homes sold, sale prices declined, listings increased and expired listings jumped significantly. At the same time, the year-to-date median sale price is nearly 6% lower than last year and homes are taking more than a week longer to sell on average.

The picture remains one of softening prices, cautious buyers and continued downward pressure.

As we move into the second half of the summer, the big question for Elora, Fergus and the surrounding area is whether buyer demand will strengthen enough to absorb the available inventory, or whether the buyer-friendly conditions we’ve seen throughout 2026 will continue into the fall.

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