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The Canadian Real Estate Market Is Bouncing Back, It’s the Right Time To Make a Move
The Ontario real estate market is stabilising, and the overall home sales have increased by more than 33% over January 2023. Most of these sales were recorded in GTA, and surrounding cities and the historical data has consistently shown that the market changes are always reflected first in GTA, and then trickle down to other areas.
While the average home sale price has dropped, the prices for detached and semi-detached homes have increased by more than 3% through February 2023. At the beginning of 2023, The Canadian Home had predicted that the market would bounce back in the first half of 2023. With the positive sales trend in February 2023, there are clear indicators that the market has begun stabilisation.
The announcement by the Bank of Canada holding interest rates steady at 4.5% for the foreseeable future has encouraged buyers to move off the fence. The improvement in the market is boosting the confidence of many investors. The record population growth and robust job market will further boost the demand in the near future.
According to Mr. Manoj Karatha, Broker of Record, The Canadian Home Realty Inc., “The inflation dropped to 5.9% in January 2023, showing signs of an improving economy. We strongly believe the numbers will continue to get better in the coming months, and there will be a substantial increase in the demand for housing. People looking to invest or buy a new house will find plenty of opportunities right now; it’s worth considering taking advantage of the current environment.”
| City | Growth in sold units | Change in price |
|---|---|---|
| Vaughan | 75% | 4% |
| Milton | 68% | -25% |
| St. Catharines | 53% | 1% |
| Cambridge | 48% | -4% |
| Toronto | 46% | 12% |
| Niagara Falls | 45% | 1% |
| Oshawa | 45% | -1% |
| Ottawa | 42% | 2% |
| Waterloo | 42% | -4% |
| Oakville | 41% | 13% |
| Pickering | 40% | -2% |
| Guelph | 39% | 5% |
| Mississauga | 39% | 9% |
| Markham | 38% | 0% |
| Richmond Hill | 37% | 8% |
| Kitchener | 34% | 8% |
| Whitby | 33% | -4% |
| Burlington | 28% | 16% |
| Brantford | 27% | -2% |
| London | 26% | 8% |
| Barrie | 23% | 3% |
| Brampton | 20% | 2% |
| Hamilton | 20% | 6% |
| Ajax | 11% | 10% |
Many cities, including Vaughan, Milton, St. Catharines, Cambridge, and Toronto have shown tremendous growth in property sales. Toronto, Oakville, Burlington, Mississauga, Richmond Hill and Kitchener have not only seen an increase in property sales but have also witnessed a significant increase in home prices. These cities are driving the real estate market in a positive direction.
According to Mr. Robin Cherian, CEO, The Canadian Home, “This is just the start. The market will continue to stabilise and grow positively through these coming months.”
Source: The Canadian Home App. (Please note that the numbers include data from major realtor boards in Ontario which covers more than 90% of Ontario. The above numbers do not include exclusive listings in CREA and Windsor board data)
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