Ontario home prices were stable in September by comparison with August, continuing a trend of broad stability set in February, figures released Tuesday by the Canadian Real Estate Association show.
On a year-over-year basis, the average single-family home in the province sold for $954,000 in September, down 4.5 per cent from the average of $999,500 they sold for in September of 2023.
The numbers are seasonally adjusted and do not take inflation into account.
Inflation, depending on what measure you choose, is running at between 1.6 and 2.4 per cent.
“With the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of 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 7.8 per cent, and townhouses fell 5.7 per cent.
“The beginning of September saw a burst of new supply for buyers to choose from before things generally quiet down for the winter,” CREA chair James Mabey said in a release.
“While some buyers may choose to take advantage, others may be inclined to wait as the bulk of future rate cuts from the Bank of Canada are now expected to show up in a matter of months as opposed to years."
Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province — single-family homes in Sault Ste. Marie were up 4.3 per cent year-over-year, and those in North Bay were up 4.4 per cent.
Locally in Niagara in September, single-family house prices were down 4.5 per cent, condos were down 3.7 per cent, and townhouses were down 0.9 per cent compared to September of 2023, using seasonally adjusted numbers unadjusted for inflation.
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