The Ontario housing market experienced a dip in home prices during January 2024, with the average home price decreasing by 3.8% compared to December 2023. Nevertheless, the market is still up by 2.9% annually. While the average home sold price in the GTA was $1,026,703 for January 2024, which represents a decrease of 1.2% YoY and a larger decrease of 5.3% MoM, the number of home sales in the GTA increased by an impressive 36% YoY. This data indicates that despite the slight decrease in home prices, the housing market in Ontario is still thriving. Taking a closer look at the different cities within Ontario, the housing market in Mississauga had a particularly strong month in January 2024, with home prices increasing by 10% in one month to $1,048,658. This represents a 14% YoY increase. However, Brampton saw a slight decrease of 0.5% in its average home price compared to the previous month, bringing the average home price to $982,514. In Hamilton, home prices increased by 4.6% monthly to $794,982, while Ottawa home prices remained relatively unchanged monthly at $631,722. The Kitchener-Waterloo Region saw a price increase just under 3% monthly, bringing the average home price to $762,174. Oshawa had a monthly increase of 8.5% in home prices, bringing the average home price to $789,252. It is worth noting that the housing market in Ontario is currently balanced, with an SNLR of 49%, indicating an equilibrium between supply and demand. An SNLR between 40% and 60% is considered a balanced market.
What does this mean?
If you are waiting to buy don’t hesitate any further!