Ontario home prices were stable in September by comparison with August, continuing a trend of broad stability set in February, figures released Tuesday by the Canadian Real Estate Association show.
On a year-over-year basis, the average single-family home in the province sold for $954,000 in September, down 4.5 per cent from the average of $999,500 they sold for in September of 2023.
The numbers are seasonally adjusted and do not take inflation into account.
Inflation, depending on what measure you choose, is running at between 1.6 and 2.4 per cent.
“With the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of this year.” CREA senior economist Shaun Cathcart said in a release.
On a province-wide basis, prices for condos in a year-over-year comparison fell 7.8 per cent, and townhouses fell 5.7 per cent.
“The beginning of September saw a burst of new supply for buyers to choose from before things generally quiet down for the winter,” CREA chair James Mabey said in a release.
“While some buyers may choose to take advantage, others may be inclined to wait as the bulk of future rate cuts from the Bank of Canada are now expected to show up in a matter of months as opposed to years."
Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province — single-family homes in Sault Ste. Marie were up 4.3 per cent year-over-year, and those in North Bay were up 4.4 per cent.
Locally in the Hamilton-Burlington area in September, single-family house prices were down 1.9 per cent, condos were down 7.0 per cent, and townhouses were down 4.2 per cent compared to September of 2023, using seasonally adjusted numbers unadjusted for inflation.
According to the Cornerstone Association of Realtors report for September, sales in the Hamilton-Burlington area improved over last year's levels, but remained below long-term trends for the month. Year-to-date sales are four per cent lower than last year and nearly 28 per cent below long-term trends, according to the report.
“Further rate cuts, recent price declines and improving supply choice helped bring more buyers back to the market this month. While this is not a drastic change in the market, it does point to a potential shift in trends. Buyer optimism is returning and will likely increase as interest rates continue to decrease,” said Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
The report also states that the September unadjusted benchmark price for homes in the region was $831,500, down over last month and more than two per cent lower than levels reported in the previous year. Prices have been trending down over the past four months and have offset the gains reported earlier this year, leaving the average year-to-date benchmark price one per cent below 2023 levels. So far this year, benchmark prices have eased across all property types, but the most significant adjustment has occurred for apartment-style homes.
Use the interactive below to explore your region.
