According to a recent report with monthly statistics released by the Canadian Real Estate Association (CREA), the average home price rose over $100,000 in 9 Ontario markets this past month.
The latest monthly statistics for June indicated that home sales and new listings rebounded to normal levels across Canada last month.
This followed a period of historic lows in April and May due to the COVID-19 pandemic.
As July 1 approached, changes to the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance borrowing criteria occurred, which may have accelerated some prospective buyers’ searches.
Due to this, national home sales improved 63% since May, and there was a 49.5% monthly spike in new listings.
Average home prices rose 6.5% nationally year-over-year (y-o-y) to almost $539,000 in June.
According to the report, when taking a closer look at real estate markets across Ontario for June revealed that regional market trends closely mirrored national housing activity.
While Ontario accounted for 378,000 of the total jobs recovered in June, and by the end of the month, most of the province had moved into Stage 2 of Ontario’s recovery plan.
Zoocasa reviewed average home prices and sales data for June from local real estate boards and CREA for 28 Ontario markets and compared changes on an annual basis to highlight how and where the market shifted since 2019.
The analysis and findings provided a look into market dynamics in order to give buyers and sellers an indication of what to expect in their local real estate market.
In this analysis, the average home price included applies to the local market as a whole and takes into account a number of different property types, neighbourhoods and square footage values among other factors.
In 9 of the 28 markets included in the analysis, the average home price grew over $100,000 annually.
According to the analysis, Oakville was at the top of the list, with the annual average home price increasing by $177,550 or 17% since last year to $1,249,685.
Mississauga, Halton Hills and the City of Toronto were also on the list of regions where average home prices grew in the six figures annually.
Average home prices rose by $140,265 in Mississauga, $111,183 in Halton Hills and by $106,657 in the City of Toronto.
According to the statistics, home prices in Brampton rose by $75,122, an increase by 10% since 2019, to $819,712.
The regions with the slowest positive sales growth were Oakville, London and Milton. Each of these 3 regions experienced a sales increase of 5% y-o-y.
Richmond Hill (-17%), Aurora (-14%), and Mississauga (-14%) experienced the greatest sales declines y-o-y.
This was followed by Vaughan (-13%) and the City of Toronto, where 2,830 homes sold in June – a 12% decline y-o-y.
Despite a double-digit decline in sales in June, Toronto remained in a balanced market with an SNLR of 46%.