{"id":16544,"date":"2019-05-23T01:00:32","date_gmt":"2019-05-23T05:00:32","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16544"},"modified":"2019-05-23T14:00:41","modified_gmt":"2019-05-23T18:00:41","slug":"ontario-home-prices-april-2019","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/","title":{"rendered":"How Have Ontario Home Prices Changed Since the Introduction of the Fair Housing Plan?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><br>In April 2017, the former provincial Liberal government introduced a 16-part set of measures designed to balance the Ontario housing market by cooling rampant price growth and speculative demand, and boosting rental supply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dubbed&nbsp;<a href=\"https:\/\/www.zoocasa.com\/blog\/ontario-to-get-foreign-buyer-tax-as-fair-housing-plan-revealed\/\">the Fair Housing Plan<\/a>, the most notable of the new regulations included a 15% Non-Resident Speculation Tax for foreign purchasers as well as sweeping rent controls that limited annual rent increases to the provincial limit, regardless of when the unit was built.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The changes had an immediate psychological impact on the market. Local real estate boards noted a large influx of listings in the following months, as skittish sellers looked to cash in before the market went soft. As a result, a number of housing markets within the province experienced double-digit per-cent price and sales declines, especially among higher-priced single-family home types.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since then, a change in provincial leadership has led to a partial repeal of the regulations, as the current Conservative government&nbsp;<a href=\"https:\/\/www.zoocasa.com\/blog\/ontario-government-to-roll-back-rent-control-as-part-of-new-housing-strategy\/\">dialed rent controls back<\/a> to apply only to units created before November 15, 2018, and increased focus on housing creation via its Housing Supply Action Plan. It&#8217;s also important to note the federal mortgage stress test which was implemented on January 1, 2018; requiring borrowers to qualify at a rate roughly 2% higher than their actual mortgage, it effectively reduced purchasing power for home buyers and contributed to chilling sales at all levels of the market.<br><br>Now, two years after the introduction of the FHP, how has the dust settled across various Ontario markets? To find out, <a href=\"http:\/\/www.zoocasa.com\">Zoocasa<\/a> sourced sold home prices and sales-to-new-listings ratios (<g class=\"gr_ gr_8 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace\" id=\"8\" data-gr-id=\"8\">SNLR<\/g>) from various local boards across the province for April 2019 and compared it to 2017 data from the same month. The <g class=\"gr_ gr_10 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace\" id=\"10\" data-gr-id=\"10\">SNLR<\/g> is calculated by dividing the number of sales by new listings over the month; a ratio between 40 \u2013 60% is defined as balanced by the Canadian Real Estate Association, with below and above that range indicating buyers\u2019 and sellers\u2019 markets, respectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">York Region Home Prices Hardest Hit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The numbers reveal some municipalities \u2013 especially those in higher-priced York Region \u2013 have sustained steep declines in prices and considerable change in buying conditions over the two-year period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the data, Newmarket has absorbed the greatest declines in sale price from April 2017, declining -30% to $725,710 \u2013 a dramatic dip below the $1-million mark that used to be the norm in that market. However, while sales have fallen -31%, market conditions have actually tightened over the two-year time frame due to a deeper contraction in listings, which are down -42%. That\u2019s led to an SNLR of 45% &#8211; a balanced market, and an improvement from 37% in 2017, which indicated buyers\u2019 conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The city of Aurora experienced the second-largest price decline of -30%, also dipping below $1 million to an average of $888,387. Sales fell -35%, on par with a -34% decline in new listings, leaving the SNLR and buyer conditions unchanged at 42%. Richmond Hill rounds out the markets with the steepest drops, as the average price fell -27% to $1,016,216. A -25% decrease in sales has outpaced a -21% contraction in new listings, pulling the market into buyers\u2019 territory with an <g class=\"gr_ gr_10 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace\" id=\"10\" data-gr-id=\"10\">SNLR<\/g> of 38%, from 40% two years ago.<br><\/p>\n\n\n\n<h2>Southern Ontario and Ottawa Markets Continue to Grow<\/h2><p>Several Ontario markets, however, have weathered the new regulations with greater success, especially comparatively affordable secondary markets that are supported by strong employment; the markets with the greatest price increases over the last 24 months all have average home prices below $500,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While sales in the Windsor-Essex region have remained flat and new supply surged by 16%, the market remains in steep sellers\u2019 territory with an SNLR of 67%. That\u2019s continued to put upward pressure on prices, which have increased by 25% to $343,956. It\u2019s a similar scenario for&nbsp;<a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\">London homes for sale,<\/a> which have experienced hot price growth with average home values up 19% to $429,058 despite a -16% drop in sales and -3% dip in listings; an SNLR of 72% has kept the market steeply competitive for buyers, as little supply prompts bidding wars.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\">Ottawa real estate market<\/a>, which has been one of the top performing regions in recent months, remains untouched by any correction with prices and sales both up by a robust 10%, and listings tightening by -6%. That\u2019s led to an SNLR of 73% &#8211; a sizzling sellers\u2019 market \u2013 and a rapidly rising average home price of $450,295.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Check out how prices and market conditions have changed across Ontario between April 2017 and 2019 in the infographic below:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017.png\"><img decoding=\"async\" src=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"4827\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017.png\" alt=\"\" class=\"wp-image-16545\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017.png 1300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017-81x300.png 81w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017-768x2852.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017-276x1024.png 276w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Top 3 Markets with Largest Price Decreases<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1 \u2013 Newmarket<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Average Price: $725,710 (-30%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Sales: 135 (-31%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 New Listings: 302 (-42%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 SNLR: 45% (Balanced)<br><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2 \u2013 Aurora<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Average Price: $888,387 (-30%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Sales: 99 (-35%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 New Listings: 237 (-34%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 SNLR: 42% (Balanced)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3 \u2013 Richmond Hill<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Average Price: $1,016,216 (-27%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Sales: 252 (-25%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 New Listings: 664 (-21%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 SNLR: 38% (Buyers\u2019)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Top 3 Markets with largest Price Increases<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1 \u2013 Windsor-Essex<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Average Price: $343,956 (+25%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Sales: 694 (0%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 New Listings: 1,032 (+16%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 SNLR: 67% (Sellers\u2019)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2 \u2013 London<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Average Price: $429,058 (+19%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Sales: 709 (-16%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 New Listings: 983 (-3%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 SNLR: 72% (Sellers\u2019)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3 \u2013 Ottawa Region<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Average Price: $450,295 (+10%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 Sales: 2,052 (+10%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 New Listings: 2,803 (-7%)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">April 2019 SNLR: 73% (Sellers\u2019)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About Zoocasa<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/\">Zoocasa.com<\/a>&nbsp;is a tech-driven brokerage that empowers Canadians to make more informed real estate decisions. Our proprietary home search tools and streamlined agent experience make buying and selling homes smarter, faster and more successful. Home buyers can browse real estate listings on the website or the free real estate iOS app.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information about this report or to set up a media interview, please email&nbsp;communications@zoocasa.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In April 2017, the former provincial Liberal government introduced a 16-part set of measures designed to balance the Ontario housing market by cooling rampant price growth and speculative demand, and boosting rental supply. Dubbed&nbsp;the Fair Housing Plan, the most notable of the new regulations included a 15% Non-Resident Speculation Tax for foreign purchasers as well [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":16546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33],"tags":[],"class_list":["post-16544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Have Ontario Home Prices Changed Since the FHP? | Zoocasa<\/title>\n<meta name=\"description\" content=\"In April 2017, the former provincial Liberal government introduced a 16-part set of measures designed to balance the Ontario housing market by cooling\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Have Ontario Home Prices Changed Since the FHP? | Zoocasa\" \/>\n<meta property=\"og:description\" content=\"In April 2017, the former provincial Liberal government introduced a 16-part set of measures designed to balance the Ontario housing market by cooling\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-23T05:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-23T18:00:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/ontario-cities-home-price-change-2019-vs-2017-blog-07.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"344\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Penelope Graham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Graham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/\"},\"author\":{\"name\":\"Penelope Graham\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/9a2554dc39c550f5ef3339b25aa1f09c\"},\"headline\":\"How Have Ontario Home Prices Changed Since the Introduction of the Fair Housing Plan?\",\"datePublished\":\"2019-05-23T05:00:32+00:00\",\"dateModified\":\"2019-05-23T18:00:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/\"},\"wordCount\":916,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Infographics\",\"Real Estate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/ontario-home-prices-april-2019\/\",\"name\":\"How Have Ontario Home Prices Changed Since the FHP? 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