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January 2023 Market Update

At Konfidis we continuously monitor transaction activity and take a special focus on secondary communities in Ontario. As January has just closed, we are sharing an update on the Single-Family Residential market within select communities due to the strength of this asset class.

London, Ontario

This south-western Ontario city is off to a strong start to the year: New Listings are up 10% from January of 2022, and up 111% from December 2022 for Detached homes.

Sales were down 41% from the same month last year, and up 5% from December. There are early signs of increased sales, but it remains considerably behind the trend of 2021-22 so far.

Average Prices for Detached Homes in London are down 4% from December, and 28% below January 2022, at $647,000.

Kingston, Ontario

Located in eastern Ontario, this smaller secondary city has experienced strong initial signs of a spring market well above 2022 & 2021 levels of New Listings up 35% from a year ago.

Sales are 4% lower than a year ago, 32% below December 2022.

Average Prices have remained relatively flat year-over-year compared to other Ontario communities, showing an average of $673,000 for a Detached home down 6% from a year ago.

Cambridge, Ontario

Part of the Waterloo Region, New Listings are 24% below a year ago, and 11% higher than December, and as a result.

January Sales Volumes were 14% below 2022, but 20% higher than December.

Average prices in Cambridge in January are $827,000 up 7% from a month ago, and 24% below last January.

At Konfidis, we find the demand fundamentals strong in secondary Ontario communities, such as London, Cambridge and Kingston. Read more about their impressive population growth.

What to expect next? Historically new listing volume increases rapidly in first quarter of the year, we anticipate a far deeper and active market in the upcoming months.

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