Ontario home prices set record highs in February
As of February 2022, the average price of Ontario homes has set record highs, having surpassed the $1M mark for the first time as new houses in the province continue to appreciate. Likewise, Ontario MLS® home sales recorded their second highest February ever, as the total value of home sales in Ontario reached $21 billion. Also, listings supply increased 13% above their 5-year average; although demand remains relatively higher, meaning potential buyers continue to face upward pressures on prices as sellers have an edge in pricing. In Aurora, as with most of the GTA, absorption rates maintain a seller’s market, as the number of homes sold remains higher than those listed.
Although interest rates did increase in March, these rates were considered minimal as recently as 2017, and are seemingly ineffective on housing prices in the short-term, as Canadian banks continue to forecast climbing prices both provincially and nationally into 2023.
Media Relations, The Lind Realty Team.
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