Provincewide, real estate prices rose slightly in July

Ontario home prices rose slightly in July, continuing a trend of broad stability set in February, figures released Thursday by the Canadian Real Estate Association show. 

On a year-over-year basis, the average single-family home in the province sold for $959,600 in July, down 5.2 per cent from the average of $1.012,400 they sold for in July 2023. 

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. 

“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” CREA senior economist Shaun Cathcart said in a release.

On a province-wide basis, prices for condos in a year-over-year comparison fell 6.7 per cent, and townhouses fell 4.3 per cent. 

“While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set for the return of a more active housing market,” CREA chair James Mabey said in a release.

Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province — single-family homes in the Sault Ste. Marie and Elliot Lake area were up 2.5 per cent year-over-year, and those in North Bay were up 3.4 per cent. 

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