In chartJS, change label color onhover

I would like to change the color of the label on-hovering over the data bar in chartJS. But the color change is not responsive. Below shows the onhover code that I am using. Does anyone have any ideas how to change the color of the label on-hover?

var chart = new Chart(ctx, {
type: 'horizontalBar',
   data: {
      labels: ["Label 1", "Label 2", "Label 3", "Label 4", "Label 5", "Label 6", "Label 7"],
      datasets: [{
         data: [2000, 4000, 6000, 8000, 10000, 12000, 14000],
         backgroundColor: ["#73BFB8", "#73BFB8", "#73BFB8", "#73BFB8", "#73BFB8", "#73BFB8", "#73BFB8"], 
      }]
   },
   options: {
        responsive: true,
        legend: {
            display: false,
        },
        scales: {
            yAxes: [{
                gridLines: {
                    display: true,
                    drawTicks: true,
                    drawOnChartArea: false
            },    
            }],
            xAxes: [{
                gridLines: {
                    display: true,
                    drawTicks: false,
                    tickMarkLength: 5,
                    drawBorder: false
                },  
            }]
        },
        onHover: function (e, item) {
            if (item.length > 0) {
                var i = item[0]._index;
                var $ctx = item[0]._chart.ctx;
                var label = item[0]._chart.config.data.labels[i];
                var data = item[0]._chart.config.data.datasets[0]._meta[0].data[i];
                var startOfBarGraph = data._xScale.left;
                var offset = 9;
                var textWidth = $ctx.measureText(label).width;
                var x = startOfBarGraph - offset - textWidth - 3;
                var y = data._model.y;
                var fontHeight = $ctx.measureText(label).actualBoundingBoxAscent + $ctx.measureText(label).actualBoundingBoxDescent;

                $ctx.fillStyle = 'white';
                $ctx.fillRect(x, y + 3 - fontHeight, textWidth, fontHeight + 4);
                $ctx.fillStyle = 'red';
                $ctx.font = "12px Arial";
                $ctx.fillText(label, x, y + 3);
                
                console.log("onHover", item, e.type);
            }
        }
    }
});

I would like the axis label to look similar to the image below