Ontario home prices were stable in August by comparison with July, continuing a trend of broad stability set in February, figures released Monday by the Canadian Real Estate Association show.
On a year-over-year basis, the average single-family home in the province sold for $955,000 in August, down 5.2 per cent from the average of $1,013,400 they sold for in August 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.
“Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it’s been in all 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 7.5 per cent, and townhouses fell 5.6 per cent.
“With more interest rate cuts now expected between now and next summer, the stage is set for a faster return of demand, but we’re clearly not there just yet,” 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 Sault Ste. Marie were up 3.7 per cent year-over-year, and those in North Bay were up 4.5 per cent.
Locally in the Guelph area in August, single-family house prices were down 3.4 per cent, condos were down 7.0 per cent, and townhouses were down 4.6 per cent compared to August of 2023, using seasonally adjusted numbers unadjusted for inflation.
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