Ontario home prices inched very slightly upward in June, continuing a broad trend of stability set in February that ended a five-month fall that began last summer, figures released by the Canadian Real Estate Association Friday show.
Locally in North Bay in June, in a year-over-year comparison, single-family homes rose 3.7 per cent, using seasonally adjusted numbers unadjusted for inflation.
On a year-over-year basis, the average single-family home in the province sold for $954,900 in June, down 5.1 per cent from the average of $1,005,700 they sold for in June 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 3.4 and 3.7 per cent.
“It wasn’t a ‘blow the doors off’ month by any means, but Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,” CREA senior economist Shaun Cathcart said in a release.
“Year-over-year comparisons don’t look great mainly because of how many buyers were still jumping into the market last spring, but that’s a story about last year. What’s happening right now is that sales were up from May to June, market conditions tightened for the first time this year, and prices nationally ticked higher for the first time in 11 months.”
On a province-wide basis, prices for condos in a year-over-year comparison fell 6.0 per cent, and townhouses fell 3.3 per cent.
“The second half of 2024 is widely expected to see the beginnings of a slow and gradual return of buyers into the housing market,” CREA chair James Mabey said in a release.
Within Ontario, sales in the north continued to show much stronger growth than those elsewhere in the province - single-family homes in the Soo were up 2.3 per cent year-over-year, and those in Sudbury were up 3.8 per cent.
Use the interactive tool below to explore your region:
98.jpg;w=120;h=80;mode=crop)