Average prices for single-family homes in Ontario were up 0.9 per cent in December, compared to December of 2022, figures released by the Canadian Real Estate Association Monday show.
The numbers are seasonally adjusted and do not take inflation into account. Inflation, depending on what measure you choose, is running at between 3.1 and 3.5 per cent.
On a provincewide basis, prices for condos were down by 0.7 per cent, and townhouses were up by 1.4 per cent.
Nationally, sales volumes were livelier — they rose 8.7 per cent month-over-month in December — but the MLS price index was up only 0.7 per cent year-over-year, roughly in line with Ontario.
“Was the December bounce in home sales the start of the expected recovery in Canadian housing markets? Probably not just yet,” said Shaun Cathcart, CREA’s senior economist.
"It was more likely just some of the sellers and buyers that were holding onto unrealistic pricing expectations last fall finally coming together to get deals done before the end of the year. We’re still forecasting a recovery in housing demand in 2024, but we’ll have to wait a few more months to get a sense of what that ultimately looks like.”
The Huron Perth Association of Realtors said Home sales, however, were up just 2.5 per cent last month over December, 2022. Home sales were 9.6 per cent below the five-year and 8.3 per cent below the 10-year average for the month of December.
Total number of homes sold by the Huron Perth Association Realtors totalled 83 units last month, up from 81 during the same month in 2022.
The local association reported 106 units sold in November. A total of 135 units were sold in October, down from 143 properties sold in September.
Home sales totalled 1,683 units in all of 2023, a drop of 9.1 per cent from 2022.
“While December did offer up a bit of a surprise in sales numbers to cap the year, the real test of the markets’ resilience will be in the spring,” said CREA chair Larry Cerqua.
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