Ontario Housing Prices Are Set To Drop in 2023 & These 6 Spots Could Get A Lot Cheaper
Maybe you’ll be able to afford a home in 2023!
Suburbs in Ontario.
The housing market in Ontario looks like it may sting a little less in 2023.
RE/MAX's 2023 Canadian Housing Market Outlook Report says that Ontario will see one of the country's steepest dives in prices with a recession on the horizon and rising interest rates.
Will Ontario housing prices drop in 2023?
In the GTA, the average price of residential housing is expected to fall 11.8%. As the luxury market settles down in the 6ix, the average price will be $1,061,853 compared to the 2022 average of $1,203,916.
But it's not just the GTA that will see reductions in price. "In London, Kitchener-Waterloo, Barrie, the GTA, Durham, and Lakelands West (Georgian Bay area), average residential sale prices are expected to decline by two to 15 percent in 2023," according to the report.
Although not all areas will be dropping in price when it comes to residential housing.
The average price of residential housing from Hamilton to Burlington, Oakville, Sudbury, Brampton, Mississauga, Muskoka, Niagara, Windsor, York Region, Haliburton, Peterborough, Ottawa, The Kawarthas and Kingston is expected to rise in price by two to eight percent in 2023.
So depending on where you're planning to buy in the new year, you could be saving or emptying out your pockets a bit more compared to 2022.
Should I sell my house now or wait until 2023 in Ontario?
If you are looking to sell in 2023, the best markets to do so are in Muskoka, Durham York Region, Sudbury, Haliburton, Ottawa, the Kawarthas and Peterborough.
On the flip side, if you're looking to buy, Hamilton - Burlington, Brampton, Niagara and Mississauga are buyers' markets, according to the report.
This article's cover image was used for illustrative purposes only.
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