Ontario Housing Market: Ultimate Guide (2021)

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Sometimes, it’s not until you’re buying a home or trying to sell one that you decide to pay close attention to movements in the market. After all, you want to make sure that the market you’re selling in is also one you can comfortably buy in. 

If the time has come to sell your home in Ontario, Canada, there’s no harm in familiarizing yourself with the current housing market. Read on to learn what’s happening here in 2021.

What the Housing Market in Ontario, Canada is Doing

Sales data changes from one part of Ontario to the next. However, you can generally understand what the market is doing by looking at data released for large cities and for the nation as a whole. 

According to the Canadian Real Estate Association (CREA), national home sales were edging back by around 0.5% from August, but newly listed homes were up by 1.2%. Activity was also down on a year-over-year basis by 14%. 

Homeowners may also be pleased to know that year-over-year gains in August 2021 were up by 13.3%.

Length of Time to Sell a House in Ontario, Canada

One of the most pressing questions homeowners have when they decide to sell their home is how long it will take to sell. When selling through a realtor in Ontario, Canada, you can expect to sell your home within a month, but sometimes, it could be even longer than that. 

Many factors can impact how long it takes for a house to sell, such as the property’s condition, the location, and how many interested buyers there are. 

Fortunately, you don’t have to wait a month to sell your home if you don’t want to. Professional home buyers may be interested in purchasing your house as-is, with a cash offer provided in as little as 48 hours. 

Costs to Sell a House in Ontario, Canada

When you sell a house in Ontario, Canada, through a real estate agency, you may be surprised at how many fees are associated with the sale. An agent’s commission fee can be up to 7%, meaning you’d be parting with up to approximately $42,000 on the sale of a $600,000 home. 

There are also legal fees and disbursements to consider, along with any applicable commission HST. By the time the new owner takes over, you might be out of pocket by tens of thousands of dollars. 

That’s one of the reasons why many people exploring the Ontario housing market are looking at all available options. For example, if you sold your home to a real estate investor, you may be able to benefit from a zero-commission and fee-free sale.

Average House Value in Ontario, Canada

It’s only natural to be curious about how much houses sell for in Ontario, especially when you’re thinking about selling. The average property price in August 2021 was $725,403, with a 15.1% increase in 2021. 

However, with fees to consider, commissions, and other property-related costs, it’s essential to know you may not see the ‘average’ value when you sell your home. 

There’s a lot to think about when you decide to sell. However, if you’re ready to enjoy a fast and stress-free sales process, contact SLG Home Buyer. They can walk you through how to sell your property as-is with ease.

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