(June 2023) – Housing Market
*Base on TRREB data recorder over Canadian MLS Systems. All percentage changes are year-over-year comparisons.
Ontario Housing Market Overview: June 2023
In the dynamic landscape of the Ontario housing market, the recent rate hike by the Bank of Canada has played a role in moderating home prices. Despite a significant 16% rise since the beginning of the year, Ontario’s average home price stood at $910,102 in June 2023, reflecting a 2% month-over-month decrease. This decline marked the conclusion of a five-month upward trend, while still presenting a notable 3% increase in home prices on an annual basis.
The Greater Toronto Area (GTA) continues to be a prominent player, accounting for approximately 18.5% of all home sales in Canada during June 2023. The GTA’s average home price for the same period was $1,182,120, representing a steady 3% year-over-year growth following a marginal 1% dip from the previous month. This aligns well with the province’s overall 3% annual increase in home prices.
Compared to various other regions in the province, the GTA has been demonstrating exceptional performance. Cities such as Toronto, Mississauga, Brampton, and Oshawa have all witnessed higher average home prices this year compared to the previous year, whereas prices in Ottawa, Hamilton, and London have experienced slight declines year-over-year.
Ontario’s major housing markets have seen robust sales activity, surpassing last year’s levels, though there has been a slight pullback from the busy market witnessed in May 2023. Toronto’s home sales are up by an impressive 16% year-over-year, although showing a 17% decrease from the previous month. Similarly, Ottawa’s housing market has experienced a substantial 10% increase in sales compared to last year, albeit down 14.5% from the previous month. Hamilton, Mississauga, and Brampton also exhibit similar patterns with a modest year-over-year increase in sales and a considerable decrease in sales month-over-month.
Analyzing the annual price changes for June 2023 in Ontario’s major urban housing markets, Hamilton’s market has experienced the most significant decline, with a 4% year-over-year decrease in average sold prices. Ottawa follows with a 3% year-over-year decline, and London with a 1.5% year-over-year decrease.
In contrast, cities within the GTA have seen price growth this month. Mississauga’s home prices have risen by 2%, while Oshawa and Brampton have seen a substantial 5% increase compared to the previous year.
For June 2023, the average home price in Toronto’s housing market was $1,152,424 for the City of Toronto and $1,182,120 for the GTA as a whole. This indicates a slightly faster monthly decline of 2.5% for the City of Toronto compared to the GTA. Brampton’s average selling price reached $1,113,948, while Mississauga’s home prices increased to $1,112,531.
As for more affordable alternatives to the expensive GTA housing market, both Hamilton and Ottawa offer promising options. Hamilton’s average sold price in June 2023 was $831,540, while Ottawa’s average sold price stood at $670,221. London, Ontario, also presents relatively affordable real estate with an average price of $675,923, slightly higher than Ottawa. Oshawa’s housing market had an average price of $854,822.
In summary, the Ontario housing market experienced some moderation in home prices in June 2023, largely influenced by the Bank of Canada’s rate hike. The GTA remains a robust market with sustained growth, while other regions in the province show varying trends in home prices and sales activity. Homebuyers can find favorable options in different cities depending on their budget and preferences.
Key Things You Need To Know
If someone wanted to buy your home, would you sell it?
Find out its value in the current market.
GET A FREE HOME EVALUATION WITH NO OBLIGATION
Recently SOLD listings in your neighborhood
Would you like to know which home sold recently in your neighborhood and for how much?
FREE REPORT SENT TO YOUR EMAIL
Disclaimer: The information on the entire website and the statistics on this page, are provided as it is (for reference only). The owner of this website https://newlisting4u.com/,https://motiarusi.com/ assumes no responsibility or liability for any error or omissions in the content of this website. if you find an error or you have a comment, your reference will be appreciated. I will review your comments and the error/errors will be corrected if necessary.