Real Estate Prices Remain Stable Provincewide After ‘Sleepy’ May

In Simcoe County, single-family house prices were down 0.9 per cent, condos were down six per cent, and townhouses were up 0.8 per cent compared to May 2023

Stable Market Trends
In May, Ontario’s real estate market remained stable, continuing the trend set in February that ended a five-month decline beginning last summer, according to figures released by the Canadian Real Estate Association (CREA) on June 18, 2024. The average single-family home in the province sold for $951,600 in May, a 3.8 per cent decrease from the $989,300 average in May 2023. These figures are seasonally adjusted and do not account for inflation, which is currently between 3.4 and 3.7 per cent depending on the measure used.

Market Activity and Interest Rates
Shaun Cathcart, CREA’s senior economist, noted that May was another “sleepy month” for housing activity in Canada. However, the Bank of Canada’s June 5 rate cut of 25 basis points could significantly impact buyer psychology, potentially leading to increased market activity. The focus now shifts to the possibility of further rate cuts and their timing.

Year-Over-Year Comparisons
Province-wide, condo prices fell by 3.4 per cent, and townhouses decreased by 2.2 per cent compared to May 2023. James Mabey, CREA chair, suggested that the spring housing market, which typically starts around early April, was delayed this year as many awaited signals from the Bank of Canada. The recent rate cut is expected to release some pent-up demand, providing buyers with more options than at any time in the past five years.

Regional Variations
In northern Ontario, sales showed stronger growth compared to the rest of the province. Single-family homes in Sault Ste. Marie increased by 6.3 per cent year-over-year, while those in Sudbury rose by 5.7 per cent.

Simcoe County Market Update
In the Simcoe County area, single-family house prices were down by 0.9 per cent in May compared to the previous year. Condo prices saw a larger drop of six per cent, while townhouse prices experienced a slight increase of 0.8 per cent. These figures are seasonally adjusted and unadjusted for inflation.

Invest with Confidence in Simcoe County

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