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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





30 July 2019

Ontario real estate market remains balanced

Genworth Canada, biggest private mortgage insurer is out with its monthly housing market update. According to this report market in all GTA municipalities remains in Sellers or Balanced territory.

Annual home sales outpaced the last year’s results in the Greater Golden Horseshoe. June continued the upward trend following the weak first quarter of the year.

The company believes the tendency will go on through the summer. New listings in Ontario rose by 3% from a year ago. However, the supply is still restrained with Ontario showing a record low active listings in almost all the cities. Genworth Canada hopes that stronger Q2 results will help homeowners make their mind and enter the summer market.

Barrie & Kingston also show balanced market conditions. All other municipalities are in a seller’s zone. The real estate prices are growing in all areas with the western parts of the province reporting strong growth.

Although the stress test keeps limiting access to home ownership, its influence is reported in the rental market as well. In the second quarter, the number of lease transactions rose by 12% and reached the record high 8,814 units. The average rents in the GTA were up by 5.4% annually to $2,421.00.

 Due to the recent drop in Bank of Canada mortgage qualifying rate we expect upward trend to continue with solid price appreciation in most GTA's housing markets.

 

 

Number Sold

%YOY

Average Price

%YOY

New Listings

%YOY

Sales to Listings Ratio

Market

UE %

GTA

8,860

10.4

832,703

3.0

15,816

-0.4

55.70

Balanced

5.9

Hamilton

1,203

4,2

593,549

4,2

1,480

-3,0

68,04

Sellers

4,8

Ottawa

2,105

2,0

308,482

6,2

2,099

-6,09

71,80

Sellers

4,7

KW

658

8,8

533,679

7,9

741

9,4

69,37

Sellers

4,8

London

1,050

-1,3

396,777

9,12

1,155

2,3

72,03

Sellers

4,9

Barrie

478

-2,4

518,225

2,3

805

2,1

47,33

Balanced

4,6

Kingston

418

-0,7

405,719

15,9

554

-2,2

55,41

Balanced

4,6

Sudbury

208

1,4

283,614

0,03

328

-4,3

64,02

Sellers

5,3

St. Catharines

623

13,7

440,959

11,7

1,074

10,96

60,01

Sellers

5,7

Windsor

629

-1,4

337,923

11,3

837

13,2

70,49

Sellers

5,7

 

 

 

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