Home buyers’ market revealed in 3 Ontario regions
Published November 28, 2023 at 9:48 am
It is difficult to know when the right time to buy a new home is, but there are three areas in Ontario where the market is currently favouring buyers.
Winter is typically a slow period in real estate and across Canada, the market has been slowing down, according to a report from real estate brokerage Zoocasa.
But the cost of living in many areas in the GTA is making it difficult for many people to afford the basics such as rent, food and transportation. A recent study found people need to make at least $25 an hour to afford life in Mississauga, Brampton and the GTA.
However, for those looking to make a move to a new home, there are some areas in Ontario that are better to buy than other regions.
Zoocasa analyzed market competition across 23 markets in Canada by comparing sales and new listing data for October 2023.
This data was then used to determine the sales-to-new-listings ratio for October, calculated by dividing the total sales by the number of new listings in each city.
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This ratio is an indicator for the level of demand and supply in each area and can help buyers and sellers determine if it is the right time to enter the market.
Looking across Canada, Zoocasa identified four areas out of the 23 that are actually buyers’ markets. And three of those areas are in Ontario.
Zoocasa says when they last analyzed this data in the spring, there weren’t any markets favouring buyers.
But now Zoocasa has determined the GTA, Niagara Region, Hamilton-Burlington and Victoria are all buyers’ markets right now.
Of those four, Niagara Region and Greater Toronto have the lowest sales-to-new-listings ratio at 32 per cent, indicating buyers in these areas have plenty of homes to choose from and will face less competition when buying, Zoocasa notes.
Niagara Region also boasts a relatively lower average home price for Ontario at $639,900, giving buyers an opportunity to snatch up an affordable home without facing bidding wars.
GTA homes, of course, will cost you quite a bit more.
In Mississauga, detached homes came in at an average $1,564,286 in October while condos were at $626,630.
However, with more choices and fewer buyers, those prices could come down.
For the full Top Buyers’ and Sellers’ market report from Zoocasa, see the post here.
