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HomeBlogsOntario Housing Market Crisis: Homes Selling at Big Losses – Is a...

Ontario Housing Market Crisis: Homes Selling at Big Losses – Is a Recovery Near?

Ontario Housing Market Crisis The well-supplied Ontario housing market during spring and early summer provided increased choice and negotiating power for potential home buyers.

The Guelph townhouse, listed by @ShazieGoalie on X, has been sold below its original price, despite multiple price reductions, and features three bedrooms, four bathrooms, and a walkout to a stone patio.

The townhouse, initially sold for $765,000, was re-listed for $789,900, $777,777, and finally terminated in June 2023.

Townhouse Sales Overview

  • First sale: $765,000 in October 2023.
  • Re-listing: $789,900 in six months, failed to attract buyers.
  • Re-listing: $777,777 in June, listing terminated shortly after.
  • Townhouse re-listed twice in July, selling for $720,000, a $45,000 loss from the previous year.
  • Other properties in Ontario sold below listing prices, including a Toronto three-bedroom home and a Mississauga condo.

Canadian Real Estate Market Revived in June 2024

  • Initial signs of renewed market activity observed post-Bank of Canada’s interest rate cut.
  • Month-over-month housing numbers slightly increased, but not a “blow the doors off” month.
  • “CREA’s Home Sales Report”
  • Year-over-year comparisons are skewed due to high buyer influx in spring.
  • Sales increased from May to June.
  • Market conditions tightened for the first time this year.
  • National home prices rose for the first time in 11 months.
  • National home sales rose 3.7% in June.

Must read book about investing – check here Ontario Housing Market Crisis Ontario Housing Market Crisis

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