The market in Ontario is on fire! Home values have almost completely recovered to their previous highs after the collapse. In a few short years, things will pick up right where they left off.
Currently, the average house in Ontario is valued slightly over $380,000. The value growth rate is one of the highest in the area, and it’s hard to find a market as strong and resilient as Ontario’s.
On top of the fact that values are doing well, many homeowners are listing their properties for more than what they’re actually worth. With only 8% of homes selling at a price cut, most sellers are enthused about what they’re getting for their properties. Sellers have a significant advantage in Ontario’s market, because people are eager to move into the area.
This is a healthy, stable, growing market with a very low foreclosure rate. All the statistical data shows that things are going perfectly. If this isn’t your personal experience with the market, there may be a few reasons why.
One may be that you can’t afford to wait out the normal process of a home sale, which can sometimes take months to complete. Another may be that your property is in bad shape and you can’t afford to repair it. If you find yourself in one of these situations, you aren’t out of options.