Ontario is still witnessing growth across several real estate markets, some of which have transformed into key hotpots for buyers and sellers. The sales to new listings equation or ratio is the key metric here which basically indicates the homes that have been sold vis a vis the ones that have been listed. Whenever the ratio is on the higher side, it clearly indicates a better market for home sellers while it is better for buyers in case the ratio goes low.
CREA (Canadian Real Estate Association) takes into account ratios between 40-60% to be more stable and balanced. Ontario has a really stable and balanced market since its ratio is 56% as per reports. However, this varies from one region to another. Orangeville and Thunder Bay, for instance, have huge seller’s markets with ratios touching 102% and 90% respectively in these areas. However, the ratio is handsome at 57% in Toronto which means that it is also a balanced market. In fact, Toronto’s realty sector can be seeing growth in recent times since sometime earlier, it was more of a buyer’s market.
The balancing in the ratio indicates that higher demand has fuelled price growth in Toronto and of course, the influx of commercial establishments, technology companies and other corporate giants has naturally led to higher job creation, an aspect that will lead to skyrocketing housing growth in the future. Buyer’s markets in Ontario are currently the Barrie Region which has a 39% ratio and Vaughan with 38%. Richmond Hill is also a favourable market for buyers with its ratio standing at 35%. North Bay is another favourable market for sellers in Ontario with the ratio touching 88%. There are other markets which are considered attractive by buyers who wish to snap up prime real estate at lower prices while in some markets across Ontario, sellers wish to cash in on rising home prices.