Maedeh Hesabgar

In June 2024, the Ontario housing market has shown some notable trends:

• Average Home Prices: The average home price in Ontario is now $890,634, reflecting a year-over-year decrease of 3.7% and a monthly decrease of 1.1%1. This makes Ontario one of the few provinces experiencing a decline in average prices.

• Regional Variations:

• Greater Toronto Area (GTA): The average home price decreased by 2.5% year-over-year to $1,165,6911.

• City of Toronto: Prices remained stable year-over-year at $1,193,2021.

• Ottawa: The average home price increased by 2.5% year-over-year to $690,6831.

• Mississauga: Prices decreased by 3.9% year-over-year to $1,096,1421.

• Brampton: Prices saw a significant drop of 9.8% year-over-year to $1,002,6081.

• Hamilton: Prices remained stable year-over-year at $817,2831.

• Market Activity: There were 17,871 home sales in Ontario during May 2024, a 16.3% year-over-year decrease1. The number of active residential listings increased by 64% year-over-year to 58,156, the highest for May since 20151.

• Sales-to-New-Listings Ratio: The ratio was recorded at 41%, indicating a balanced market with a slight tilt towards buyers1.

• Interest Rates: The Bank of Canada’s recent rate cut in June 2024 is expected to boost market activity as it makes borrowing more affordable

"The journey of a thousand miles begins with one step." - Lao Tzu


Maedeh Hesabgar
Real Estate Sales Representative
226-5044-266

"A person who never made a mistake never tried anything new." - Albert Einstein

Maedeh Hesabgar
Real Estate Sales Representative
226-5044-266