These cities had biggest new selection of homes for sale in Ontario
Published January 15, 2024 at 2:14 pm
With a sluggish market, house hunters haven’t had as many new places to choose from in cities across Ontario.
Sales, average price, new listings and active listings were down on a month-over-month basis in December nearly across the board in Mississauga, real estate brokerage Zoocasa noted in a recent report.
The average price dropped to nearly $950,000 in Mississauga.
And in November 2023, the benchmark price hit $805,700 in Hamilton-Burlington–down 7.7 per cent from June 2023.
Real estate experts blame high mortgage costs and inflation on the slowing market. Sellers may be waiting for conditions to improve before putting their home up for sale.
In 2023, there was “a notable scarcity of listed homes” across North America, according to a new report from Zoocasa.
Nationally, there was a 10.5 per cent increase in home listings from November 2022 to November 2023, Zoocasa notes.
But there are some places where home buyers can still find a good selection of properties for sale.
Using inventory and new listings data from the Canadian Real Estate Association, Zoocasa found several cities that outperformed the national increase of 10.5 per cent in new listings from 2022 to 2023.
In Ontario, Kitchener-Waterloo increased by 21.1 per cent from 560 new listings to 678, the Niagara Region increased by 20.9 per cent from 861 to 1,041 and the Greater Toronto Area was 18.4 per cent from 8,880 to 14,397, according to Zoocasa.
It’s not just new listings that have seen a surge in Toronto, but active listings too. A recent Zoocasa report that analyzed inventory growth in the Greater Toronto Area revealed that the City of Toronto experienced a 42 per cent jump in active listings from November 2022 to November 2023.
Across Canada, among the 16 markets Zoocasa analyzed, Calgary experienced the largest growth in new listings, rising from 2,087 in November 2022 to 2,859 in November 2023.
This represents a 37 per cent year-over-year increase and is more than triple the national increase of 10.5 per cent. Still, thanks to consistently strong sales, supply has yet to catch up with the ongoing demand in the region.
Only two markets — Winnipeg and Regina — experienced a drop in new listings from 2022 to 2023.
See the full report here.
