27 May 2019

The 25% sales decline exceeded the 21% drop in new listings, and the sales-to-new-listings ratio reached 38% meaning the conditions are more convenient for buyers.

Meanwhile, Southern Ontario reported a sale price growth, although in the segment of housing cheaper than $500,000. The Windsor-Essex region showed a supply increase by 16%, which pushed the sales-to-new-listings ratio to 67%. As a result, prices were up by 25% to $343,956. London reported a 19% gain to $429,058, although sales and listings were still down by 16% and 3%, respectively. The sales-to-new-listings ratio reached 72%, and with a strong competition, the region faced hot bidding wars.

Ottawa has been one of the hottest real estate markets lately, and, unfortunately, the Fair Housing Plan didn’t restrain the growth. Prices and sales were up by 10%, while listings fell by 6% for a sales-to-new-listings ratio of 73%. The average home cost here reached $450,295.

Another factor affecting the market was the implementation of a mortgage stress test, as it reduced the purchasing power significantly.