Ontario Housing Market Latest Trends and Report January to June
July 5, 2024
From January to June 2024, the Ontario housing market experienced significant swings, with different patterns developing in big cities, including Milton, Mississauga, Oakville, Brampton, Burlington, and Toronto. At $890,600, the benchmark home price in Ontario was down 3.3% year over year. Cities like Hamilton and Ottawa witnessed little price rises, but Brampton and Mississauga saw sharp drops. This comprehensive report delves into the condo market analysis and housing trends across these key Ontario cities, offering valuable insights for potential buyers, sellers, and investors.
First Half of 2024: Condo Market Developments in Ontario
Early in 2024, the Ontario condo market experienced notable changes. The Greater Toronto Area (GTA) mainly experienced a spike in listings; the City of Toronto's average condo price fell 2.3% yearly to $767,064.
Amongst Mississauga and Brampton condo markets, comparable patterns were seen with increased inventory levels and modest price declines.
Demand for rentals held steady, particularly in cities with thriving labor markets. The flood of new listings and steady interest rates have offered renters more alternatives and consistent rental rates.
Condos for Sale Trends: January to June 2024
The Ontario condo market from January to June 2024 showed a complicated picture. There was a change towards a more balanced market, as seen by the rise in active residential listings, especially in the GTA. Ontario's active residential listings, as of May 2024, had increased by 64% yearly to 58,156. For May, inventory increased at its fastest rate in nine years.
As such, the sales-to-new-listings ratio (SNLR) was noted at 41%, indicating balanced buyer demand to seller supply. With so many new listings providing buyers with more options and lower average costs, this tendency has been most noticeable in Toronto, Mississauga, and Brampton.
Condos for Rent Trends: January - June 2024
Despite swings in the sales market, Ontario's condo rental industry remained resilient. Strong employment markets and consistent immigration continued to create a high demand for rental properties, especially in cities like Toronto and Ottawa.
Though it fluctuated slightly, the average condo rent remained constant in the sales market.
The growing number of condos available for rent gave renters more alternatives, making the market more accommodating to tenants. The strong economies and excellent quality of life in cities like Toronto and Mississauga have kept renters coming in.
Jan - Jun 2024: Housing Market Overview by Area
City | Average Condo Price (Jan 2024) | Average Condo Price (Jun 2024) | Percentage Change | Average Rent (Jan 2024) | Average Rent (Jun 2024) | Percentage Change |
|---|---|---|---|---|---|---|
Toronto | $750,000 | $780,000 | +4% | $2,400 | $2,500 | +4.2% |
Mississauga | $620,000 | $640,000 | +3.2% | $2,200 | $2,350 | +6.8% |
Oakville | $710,000 | $720,000 | +1.4% | $2,300 | $2,400 | +4.3% |
Brampton | $570,000 | $590,000 | +3.5% | $2,100 | $2,250 | +7.1% |
Burlington | $680,000 | $695,000 | +2.2% | $2,250 | $2,375 | +5.6% |
Milton | $560,000 | $575,000 | +2.7% | $2,150 | $2,300 | +7.0% |
Mississauga
Average house prices in Mississauga fell by 3.9% year over year in May 2024 to $1,096,142. Comparably, the city's condo market saw a rise in inventory levels. The decline in the sales-to-new-listings ratio to 38 percent signaled a buyer's market. Mississauga's proximity to Toronto and robust local economy make it desirable to live throughout periodic downturns.
Toronto
The average property price in Toronto held steady at $1,193,202 yearly. As inventory levels increased dramatically, the average prices in Toronto's condo market fell by 2.3%.
The city's strong job market and cultural offerings attract renters and buyers. Toronto had a 38% sales-to-new-listings ratio, suggesting a change in the market to one favoring buyer.
Oakville
Oakville's housing market trends mirrored those of neighboring cities, with a balanced market emerging due to increased inventory.
Although particular condo statistics for Oakville were not included, general market trends point to a comparable pattern of modest price revisions and increased listing volumes. Oakville's wealthy neighborhoods and excellent quality of life continue to make it sought-after.
Brampton
Brampton's average home prices decreased significantly by 9.8% year over year, falling to $1,002,608. The condo market also declined, with an 11% drop in detached home prices.
The city's market transitioned to a buyer's market, reflected in a sales-to-new-listings ratio of 34%. Despite these challenges, Brampton's growing population and diverse community continue to attract new residents.
Burlington
There were little changes to the Burlington housing market, and higher inventory levels helped to maintain a balanced market. The condo market in the city followed the typical pattern of more listings and steady demand. Both young workers and retirees continue to find Burlington intriguing for its fusion of urban conveniences and nature settings.
Milton
Similar patterns were seen in Milton's housing market when increased inventory levels resulted in a balanced market. Although particular condo statistics were not provided, general patterns indicate a steady market with little price changes. Milton keeps expanding quickly and drawing in new inhabitants with its family-friendly atmosphere and growing range of facilities.
Conclusion
January through June of 2024 saw a varied environment with different patterns in the major cities of Ontario.
The general decline in average house prices and rise in inventory levels point to a change in the market toward more equilibrium. The condo market saw significant shifts, with more listings and steady rental demand.
As the market continues to evolve, potential buyers and renters in Ontario's major cities, such as Toronto, Mississauga, Oakville, Brampton, Burlington, and Milton, should stay informed about local trends and opportunities.
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