Real estate prices stable in April

Ontario home prices were stable in April, continuing a trend set in March that ended a five-month fall that began last summer, figures released by the Canadian Real Estate Association Wednesday show

Ontario home prices were stable in April, continuing a trend set in March that ended a five-month fall that began last summer, figures released by the Canadian Real Estate Association Wednesday show. 

On a year-over-year basis, the average single-family home in the province sold for $950,800 in April, up 1.8 per cent from the average of $934,300 they sold for in April 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 3.4 and 3.7 per cent. 

“April 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side,”CREA senior economist Shaun Cathcart said in a news release

On a provincewide basis, prices for condos in a year-over-year comparison were essentially unchanged, at a .05 per cent increase, and townhouses were up 1.8 per cent, similar to single-family houses. 

“After a long hibernation, the spring market is now officially underway,” CREA chair James Mabey said in a release.

“Mortgage rates are still high, and it remains difficult for a lot of people to break into the market but, for those who can, it’s the first spring market in some time where they can shop around, take their time and exercise some bargaining power.”

Within Ontario, sales in the north continued to show much stronger growth than those elsewhere in the province – single-family homes in the Soo were up 6.8 per cent year-over-year, and those in Sudbury were up 10.3 per cent. 

Locally in the Guelph and district real estate area in April, single-family house prices were up 1.8 per cent, condos were essentially unchanged at a 0.7 per cent increase, and townhouses were up 5.3 per cent compared to April of 2023, using seasonally adjusted numbers unadjusted for inflation. 

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