A new report provides an updated account on how Ontario’s housing market is appealing to buyers and sellers.
Canadian real estate website Zoocasa says Ontario’s housing market overall can be considered “balanced” with a sales-to-new listings ratio (SNLR) of 56%.
Toronto’s market closely aligned with the provincial average, with a balanced market with an SNLR of 57%. However, the company notes that the SNLR does not always reflect how affordable a market is, but it does provide a glimpse of how the market may have changed over a period of time.
But some local markets either leaned heavily towards being a buyers’ market or a sellers’ market.
Thunder Bay was ranked first in the list of the steepest sellers’ market in the province with an SNLR of 90%, just behind North Bay, Sudbury, Sault Ste. Marie, and Ottawa. The average home prices in these cities ranged from a low of between $184,000 in Sault Ste. Marie and a high of $409,000, with Thunder Bay sitting at an average of $226,000.
Buyers are experiencing the toughest conditions in markets where the average price point is lowest; of the markets where homes sell for less than $500,000, 10 of the 12 municipalities are considered sellers’ markets.
The infographic below provides a detailed account of each local market’s performance (click on the infographic for an enlarged version):