It's Not Just Toronto... It's ALL of Ontario. Check Out The Chart!
Wednesday Mar 16th, 2022
As much as people are drawn to Toronto, the crazy market isn't just a Toronto thing. It's consistent all across the province. More than 50,000 people have moved away from our city and more are still leaving. And it's driving home prices up even further in these smaller Ontario cities and towns.
Skyrocketing real estate prices are trending across Canada, but, here in Ontario, we seem to have it the worst.
Since 2005, the average Ontario price has more than quadrupled. And it's doubled in 1 year, between January 2020 and January 2022. Though it seems like Toronto is the most out of control, there are huge market jumps in the lower-priced regions. And these changes are just as staggering.
Prices are climbing to never-before-seen levels in Brampton, Guelph, Hamilton, Burlington, Niagara, Oshawa, Peterborough, Sault Ste. Marie, Windsor, Kingston and others. This revealing chart puts, into perspective, how big the increases have been, especially over the course of the pandemic.
While rising prices are great for anyone who already owns property, it means more and more buyers are priced out of areas they thought they could still 'reasonably' afford. And they, too, are asking, "Will I ever be able to own a home?"
While many of these locales are still cheaper than Toronto, prices are rising at the same wild pace, begging the question: will things ever cool down? Could it be soon? I'm already seeing a small perceptible shift. I'm noticing some homes that had low listing prices to encourage bidding wars yet not getting what the sellers wanted, on offer night. So now the asking prices have been increased and offers are welcome anytime. Is this because sellers' expectations are too high and buyers are too afraid to get caught in an out-of-control bidding war or ???
Are we taking baby steps towards a balanced market? Stay tuned for an update.