Hamilton among most searched real estate markets in GTHA
Published January 3, 2024 at 3:22 pm
The city of Hamilton ranks among the most searched real estate markets in the Greater Toronto Area.
Real estate tracker Zoocasa released its year-end wrap-up data. This included an examination of the markets most potential buyers are looking at to buy. “The economic conditions of a market largely determine real estate trends, and due to the Bank of Canada’s three interest rate hikes in 2023, the Canadian real estate market was in a state of uncertainty for much of the year,” Zoocasa wrote.
“But high borrowing costs didn’t stop homebuyers and sellers from entering the market, rather they redirected where homebuyers were looking,” they continued.
Ultimately potential homebuyers cast their eyes outside the GTA. While Toronto emerged as the most-searched market, it was followed by communities quite a ways away. London, Guelph, Barrie and St. Catharines rounded out the five most searched properties.
Zoocasa found this change is driven by the ever-rising cost of living in and around Toronto. The property price benchmark in the city peaked at $1,171,300 last year. The distant cities in the top five represent a market “shift in homebuyer priorities towards affordability over proximity to Toronto.”
London’s average prices were far below Toronto’s at $577,400. St Catharines also had the lowest overall price in November. Zoocasa notes that Niagara Region is the only one in the province in a “buyer’s market” – when new listings outweigh sales.
However, despite climbing prices, some homebuyers remain committed to the GTA. Among this market Mississauga, Hamilton, Oakville, Oshawa, and Brampton were the most searched for areas to live.
Beyond Ontario, Calgary “stole the show” according to Zoocasa. This is driven by “record-high interprovincial migration and continued price appreciation.” Vancouver, Edmonton, Halifax and Edmonton round out the national list.
Zoocasa also researched where people were trying to move from. “Home searchers came from high-priced cities with larger populations, potentially driven to look outside of their current cities because of rising mortgage cost,” they concluded.
At the top of the once again sat Toronto as the exodus from the city continued. “Given that most home searchers came from Toronto, we can assume that most Toronto home searchers were looking to buy a home in one of the top 5 most-searched-for cities.” Montreal, Mississauga, Ottawa and Vancouver followed Toronto.inthehammer's Editorial Standards and Policies advertising