Happy new year everyone! We hope all of you had a restful winter holiday. Now that 2023 is here, we imagine lots of you will be looking toward achieving your new year’s real estate goals. Properties in Ontario are looking up compared to last year’s real estate market. Recovery has been steadily in progress since real estate reached an all-time high in 2022. For those looking to purchase a home in 2023, this is great news! In addition to better housing prices, those of us at the MYLIE Group have plenty of awesome content planned. This way, you can stay informed and in the loop about all things that have to do with real estate in Ontario. Whether that means building a home, buying a lot, or simply selling your property, we have you covered.
In this article, we will be going over a quick market update, followed by a brief overview of what to expect from our team in 2023. This way you can get prepared for what’s to come in the 2023 Ontario real estate market!
Market Outlook for Properties in Ontario!
Last year, Ontario became one of the most expensive places to purchase real estate in the country. As the real estate market bounced back from the pandemic, war broke out in foreign countries, and interest rates climbed high, it came as no surprise when real estate prices shot through the roof. However, it appears that the 2023 Ontario real estate market may be turning a new leaf. Now that prices have come down, there are many more affordable options for eager buyers. And, if you are looking in the right areas, achieving your housing goals may come easier this year.
For those looking to buy homes at a more affordable price point, it is important to look in the right locations. For instance, you may not find what you are looking for in Oakville, Brampton, or Milton. But, areas like St. Catherines, Windsor, and Greater Sudbury have been reported to be much more budget-friendly.
Despite this, affordability is subjective. And, while some homes are more reasonable than others, the market in Ontario is still considered expensive. Owning a starter home is a difficult feat for many new families and buyers. Although prices are expected to continue to drop, they won’t drop much lower than they already have. Currently, the housing market is being pulled in both directions. On one hand, there is a large influx of people set to immigrate in 2023. Thus, creating demand for housing. But, on the other hand, many property owners are reluctant to sell their homes because of the drop in housing prices. Thus, creating a lack of supply. In turn, this is causing several condo developers to rethink their projects and many of them are being canceled as a result.
What’s Coming in 2023?
We at the MYLIE group real estate team have put lots of thought into our content plan for 2023! We are confident that this year’s blog and social media posts will work well to support you in your new year’s real estate goals. Whatever you have planned for this year, we look forward to supporting you along the way. Especially those looking to build a home on properties in Ontario. Our team frequently works with builders and has plenty of connections to those in the home-building community. This way you don’t have to spend hours researching the right people to build your home—after all, we’re all about Making Your Life Insanely Easier!
Besides building a home, our team will also provide you with the information you need to buy and sell properties. For example, market updates, neighborhood content, mortgage advice, and so much more! No matter what your housing goals are in 2023, we will make sure that they are reached.
Contact us About Properties in Ontario Today!
Properties in Ontario are a great new year’s investment. If you are interested in buying a property in Ontario in 2023, be sure to contact us today! For more information on selling or buying homes, stay tuned to our blog. We’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to us at any time! Be sure to check our social media for the latest updates and more. We look forward to working with you in the near future.