Housing prices expected to increase up to 7.5% in some parts of Ontario

A new report predicts housing prices will increase in many parts of Ontario in 2024.

Re/Max Canada’s 2024 Housing Market Outlook Report is out and the report looks at trends and predictions for the coming year.

With higher interest rates this year, some areas have became buyer’s markets — such as the GTA, Niagara Region and Hamilton-Burlington, according to a recent report from real estate brokerage Zoocasa.

But looking ahead, the Re/Max’s network of brokers and agents expects the market to be slightly more active in 2024, with national average residential sale prices likely to increase by 0.5 per cent.

Re/Max suggests the majority of regions in Ontario are currently buyers’ markets including Kitchener-Waterloo, Hamilton, Burlington, Niagara, Mississauga, Durham Region, Brampton, Grand Bend, North Bay, Muskoka, Haliburton and Kingston.

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Looking ahead to next year, Mississauga, Hamilton, Burlington, Brampton, Simcoe County, Muskoka and Haliburton are likely to balance out from their current buyer’s or seller’s conditions, the Re/Max report suggests.

Re/Max predicts prices will increase in many areas in Ontario.

Specifically, prices are anticipated to increase by two per cent in Thunder Bay and Ottawa; three per cent London; 3.5 per cent in Hamilton, Niagara and York Region; four per cent in Sudbury and Burlington; 4.5 per cent in Kingston; five per cent in Muskoka and Haliburton; seven per cent in Oakville and Simcoe County; and 7.5 per cent in Windsor and Sault Ste. Marie.

But they expect prices to remain unchanged in Mississauga, Brampton, North Bay, and Kenora in 2024.

And Peterborough and the Kawartha’s and the Greater Toronto Area (GTA) may see a slight decline of three per cent in average residential prices.

Durham Region and Grand Bend are anticipating a decline of five per cent. Kitchener-Waterloo is anticipating a decrease of eight per cent in average residential sale prices.

Other interesting facts from the outlook report include findings from a Leger survey commissioned by Re/Max.

The survey finds:

• Four in 10  Canadians believe climate change will impact their decision on where to buy a home next year (41 per cent)
• Approximately one in five (21 per cent) are exploring alternative home ownership, or opting for inter-provincial/city moves (17 per cent) in search of greater affordability in the neighbourhood they love.
• 73 per cent of Canadians perceive homeownership as the best investment they could make
• 54 per cent are concerned that interest rate increases will impact their ability to engage in the real estate market
• Almost half (47 per cent) of Canadians believe Canada is one of the best countries in the world to purchase/own real estate

The full report from Re/Max can be found here.