Here are the most recent house market trends in Canada that you must know about if you are thinking about investing. Latest Canada House Market Trends - CondoTrend

Canada House Market Trends in May 2022

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
moneyhousemarket

Between May 2021 and May 2022, the average price of a house in Ontario increased by 9%, reaching $940,485, bringing the total to $940,485. It suggests that by May 2021, the average yearly price of a house in Ontario will have increased by about $75,000. Compared to April 2022, when the average price was $985,355, this price fall of $51,000 represents a 5% decrease. This kind of monthly price drop is rare in a market where interest rates are going up and demand is going down.

In Ontario’s primary real estate markets, monthly house price losses in May 2022 were comparable to those of the preceding months. Since reaching an all-time high in February 2022, the average selling price in Toronto, Hamilton, Ottawa, and Mississauga has declined. Even though they went down from April to May, annual home price growth in Ontario stayed low.

openhousesign

Frequently, the cooling real estate market in Ontario has led to considerably fewer monthly sales in the province’s main cities compared to the same month the year before. In the last year, the number of properties sold in Toronto has decreased by 39%, while the number of homes sold in Ottawa has decreased by 20%. The annual sales volume of the Hamilton real estate market has declined by 36%, in line with the national trend. The number of homes sold in Mississauga and Brampton has declined by 41% and 43%, respectively, compared to the same period last year.

Between May 2021 and May 2022, the average cost of a home in Brampton rose by 15%. As a result, the region’s housing market has the highest prices of any significant Ontario metropolitan area. Hamilton, who finished second, improved his performance by 14% over the previous year. The annual growth in property prices in Mississauga was 8%, while the increase in the Greater Toronto Area was 9%. The population of Ottawa increased by 7.5% from one year to the next. The Ottawa real estate market is growing more quickly than the rest of Ontario but more slowly than the rest of Canada. In May 2022, the housing market in Edmonton grew by 5% per year, while the market in Calgary grew by 2% per year.

calculatormarket

The average house price in Toronto, Mississauga, and Brampton has stayed over $1 million over the last month. In Toronto ($1,233,748), the Greater Toronto Area ($1,212,806), and Brampton ($1,146,444), the average house price in May 2022 was: Mississauga’s average selling price in May 2022 was $1,148,782, good enough for third place. The Greater Toronto Area has far more expensive housing costs than Hamilton and Ottawa. In May 2022, the median sales price in Hamilton was $901,535, which was much more than the median sales price in Ottawa, which was $719,935. Since the average cost of a property in London, Ontario is just $743,633, the vast majority of residents can still afford to own a home.

Northern Ontario real estate prices continue to climb at a far faster rate than the rest of the province. While the average home price in North Bay increased by 32% year on year to $459,600, the average home price in Sault Ste. Marie increased by 42% year on year to $327,700. Kingston increased by 18%, Kitchener-Waterloo by 15%, Sudbury by 25%, Thunder Bay by 11%, Cornwall by 41%, Barrie by 26% and Kitchener-Waterloo by 18%.

housemarket

The expansion of the CMHC First-Time Home Buyer Incentive led to a minor increase in demand for residences valued at $700.000 or less in the Toronto CMA, which comprises the vast majority of the Golden Horseshoe Region. This was due to the expansion of the program. Moreover, the CMHC revised its mortgage insurance eligibility requirements in 2021 to allow applicants with greater debt loads and worse credit scores to apply. Even if the share of insured mortgages to total mortgage originations goes down, likely, buyers on the edge of the market will still be able to get in.

In light of these modifications, the Office of the Superintendent of Financial Institutions (OSFI) has decided to raise the benchmark interest rate used in the mortgage stress test beginning in 2021. As a consequence of this shift and the rapid increase in mortgage rates in the province, it will likely become more difficult for insured and uninsured borrowers to get a mortgage in Ontario. As a consequence, the complexity of real estate transactions in Ontario will increase.

Relavent Articles

No data was found