Average prices for single-family homes in Ontario were up 1.1 per cent in January, compared to January of 2023, figures released by the Canadian Real Estate Association on Wednesday show.
The numbers are seasonally adjusted and do not take inflation into account. Inflation, depending on what measure you choose, is running at between 3.4 and 3.7 per cent.
On a provincewide basis, prices for condos were essentially unchanged, at a 0.1-per-cent increase, and townhouses were up just 0.9 per cent.
Nationally, sales volumes eased their growth — 3.7 per cent between December 2023 and January 2024, compared to a 7.9-per-cent increase in December compared to November — and the MLS price index was down 1.2 per cent nationally.
“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower," CREA senior economist Shaun Cathcart, said in a release. He was referring to national figures.
"Taken together, these trends suggest a market that is starting to turn a corner, but is still working through the weakness of the last two years.”
Locally in January in Sudbury, single-family house prices were up 13 per cent compared to January of 2023, using seasonally adjusted numbers unadjusted for inflation. Northern real estate, in general, is seeing much stronger growth than in the south.
“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” said CREA chair Larry Cerqua. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023."
Looked at from a national perspective, price falls have been seen largely in Ontario, especially south-central Ontario, CREA said.
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