It’s no secret that Ontario’s real estate market is pretty out of control right now. But, while homes in some cities are seeing tough competition and aggressive bidding wars, other cities aren’t experiencing the same demand, according to a new report by Zoocasa.
The report calculates the average list price and the average sold price of homes all over the province to determine the percentage difference in each city. The findings are unexpected, but their conclusion makes sense.
Cities where the average home price is still well below $1 million, like Oshawa, Ottawa, Windsor, Whitby, and Ajax, are seeing the greatest price growth. Meaning that homes in these cities are selling way above asking — we’re talking 27.88% above asking in Ottawa, 16.42% in Whitby, and 16.31% in Windsor.
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Meanwhile, cities with homes listed at higher price points, like Caledon, Oakville, and even Toronto, are selling below the list price. In Caledon, for example, the average list price is $2.7 million but the average sold price is just under $1.6 million, which is a difference of -42.73%. In Niagara Falls, the average list price is $737,321 but the average sold price is just $676,611.
However, Zoocasa notes that “overall prices have risen 21.1% in the last 12 months due to tight inventory.” In fact, there are fewer homes for sale in Toronto currently than there have been in the last 25 years.
Here’s a list of all the cities where homes are selling below the list price, and by how much:
- Caledon: -42.73%
- Oakville: -12.96%
- Kingston: -9.58%
- Burlington: -8.89%
- Milton: -8.64%
- Niagara Falls: -8.23%
- Halton Hills: -7.40%
- Toronto: -7.02%
- Mississauga: -6.72%
- Guelph: 5.94%
- Richmond Hill: -5.12%
- Hamilton: -4.99%
- Kitchener: -3.11%
- Vaughan: -1.51%
- Markham: -0.68%
- Orangeville: 0.23%
You can check out Zoocasa’s full report here.
