08.8.22 | Milton

What The Latest Interest Rate Hike Might Mean For Milton Real Estate

Another interest rate hike? The real estate market has already experienced a slowdown in Milton after the series of increases earlier in the year. Then, in mid-July, the Bank of Canada announced the news of the next rate, the biggest jump since 1998. The increase itself is not shocking. What is surprising is the size of the jump, a full percentage point that brings the rate up to 2.5%. This is the highest the interest rate has been for years. What will it mean for the Milton real estate market?

We’ve Already Seen A Shift

Back in the winter of 2022, Milton’s housing market was on fire, and it was easy to think that the soaring prices would never end. To put things in perspective, consider that a house purchased in December 2018 cost an average of $590,625. 

Three short years later, the same house would have sold in 2021 for $997,976, nearly double the value. In February, the price topped out at $1,142,001. This record-breaking price was great news if you were a seller. But the situation became increasingly difficult for buyers, especially those just entering the market. Something had to change.

In March, the Bank of Canada announced the first interest rate increase. And as interest rates went up, housing values finally started to come down. In March, the price fell slightly to $1,093,500 and has decreased every month since. 

The last stats are for June, which show that the average price for a Milton home now stands at $895,112. These prices are still high and out of reach for many first-time buyers. However, we are now in a situation that many believed we’d never see again. 


Can investments make homeownership more affordable? These other posts may provide some food for thought:


We Have Arrived At A True Balanced Market

You may have noticed a few more “For Sale” signs while walking or driving around your neighbourhood. That’s because more listings are available during a balanced market, and buyers and sellers are more or less evenly matched. Housing prices stabilize, and properties stay on the market longer. The days of multiple offers and frantic bidding wars are behind us, at least for now. Buyers can now submit conditional offers to protect themselves from buying a flawed property.

Did Sellers Miss The Boat?

When you look at the extra $200,000 you might have earned by selling a few months ago, you might feel like you missed the opportunity of a lifetime. But in many ways, you’re much better off selling now, during a balanced market. It’s true that you probably won’t sell your home as quickly or for as much money as you would have earlier. But falling prices mean your new home will also cost less. Plus, you’ll have more options to choose from, and may even have a little negotiating power.

And if you bought in 2018, your house has still nearly doubled in value, remember? No other investment would earn you such a high return after only three years. 

Selling successfully in the current market will require a little more effort. You’ll want to showcase your house in the best possible light by cleaning thoroughly and making minor updates and repairs. A local real estate agent can help you decide what upgrades to make depending on what buyers are looking for in your area. 


Regardless of the market, Milton will always be a very desirable place to live. Here are just a few reasons why:


A Surprise Buyers Probably Didn’t Expect

Those who hold variable mortgages can expect some changes. Your monthly payment may increase to keep the amortization period the same. Alternatively, your installment could stay the same, but with more going to interest and less paying down the principal of the loan. 

Now here’s something that might surprise those holding fixed-rate mortgages: Your rate could actually go down even as the target rate increases. How? 

Nothing in the real estate market happens in isolation. It’s all connected to the economy as a whole. As fears of an economic downturn have grown, the price of bond yields has dropped 30 basis points since July 22nd. 

Slower economic growth helps to lower inflation, which in turn results in lower mortgage rates. Some lenders have already reduced their five-year rates. If bond yield values drop again, fixed rates could also decrease even more.

Whether you have a fixed rate or variable, now may be an excellent time to discuss your options with a mortgage expert.

Buying In A Balanced Market

A balanced market is a relief to most buyers. More inventory available means you don’t have to settle for something less than ideal, and you don’t have to get caught up in expensive bidding wars. Housing values remain high, but deals can sometimes be found in certain neighbourhoods and situations where the homeowner is motivated to sell quickly.

Your best bet, whether buying or selling, is to work with a real estate agent who knows the area and has experience working in different types of markets.

Did you know that we offer a free 30-minute phone consultation for buyers and sellers? If you have questions about how to succeed in this changing market, reach out to us right here. 

 

Milton Outdoors

06.2.22 | Milton

Fun Things To Do In Milton And Surrounding Area This Summer

The heat of summer is finally upon us. While some people can’t wait for the return of the cold weather, many are ready to embrace the summer and the fun activities around the Milton and Burlington areas. 

The list of things to do is endless, from free music festivals and exciting sports events to relaxing afternoons at the beach. You don’t have to drive for hours to get to a faraway cottage to make the most of the summer holidays. 

There are many places to spend the afternoon or even a weekend right around the corner. 


Is there a change coming up in the near future for your family? Here are some other posts to help guide you:


Here is a shortlist of our favourite activities to enjoy as the weather heats up.

Summer Camps

Imagine never hearing the words “I’m bored” all summer. It may sound like an impossible goal if you’re working full time and trying to find ways to keep your children engaged and occupied. 

  • An endless variety of summer camps might be the perfect solution. They provide fantastic opportunities to make friends and enjoy new experiences. You’ll find events dedicated to almost every theme imaginable. 
  • Stem Summer Camp engages children with technology and science while using fun themes like Star Wars, Avengers and even the Minions. 
  • Want to promote physical activity and get children away from electronics? Try Pedalheads, which offers cycling programs and classes for children between 2 and 12 years old. Are you looking for a one-stop shop to keep your youngsters busy and entertained all summer long? The Way of the Woods Summer Camp offers various nature and athletic programs for children aged 4 to 15. 

Summer Festivals

Almost nothing says summertime like joining in the fun at a festival, where you can enjoy games, bouncy castles and more, all to the background of talented musical acts. 

In Burlington and Milton, our festivals are a way of life. What’s on the calendar? 

  • The world-famous Sound of Music Festival kicks off on June 12 at Spencer Smith Park in Burlington. This year, the lineup includes well-known bands like the Tea Party, Bif Naked, Finger Eleven and Skid Row. Admission is free, but VIP tickets are available for front-row experiences! 
  • Don’t overexert yourself, however, because more fun is on the way.
  • The Downtown Milton Street SummerFest starts on June 18 and will showcase local businesses and offer a variety of fun activities for your whole family to enjoy. Live music, patios, buskers and bouncy castles will keep you entertained all weekend!
  • Get ready to indulge your sweet tooth near the end of June with the 40th Annual Strawbery Festival at the Milton Fairgrounds. What could be better than cakes, slushies and a strawberry pancake breakfast as you enjoy live entertainment? You’ll also be helping a worthy cause. Proceeds from the festival go to support the Milton District Hospital.

Everyday Fun in the Sun

With so many beautiful parks, trails and other amenities available, you don’t have to wait for a specific event to enjoy this summer. 

Explore the beauty of the Niagara escarpment at Rattlesnake Point. There is something for everyone, and no need to worry about actual rattlesnakes. The park gets its name from the winding paths forged by glaciers along the escarpment. Hikers of all levels can spend hours on the trails. Feel free to take it slow and enjoy the panoramic views from the lookout points. Adventurous hikers can climb to soaring new heights over the magnificent cliffs.

A visit to the Royal Botanical Gardens is a must over the summer! You could visit every week and never see the same garden as different plants are in bloom all season long. The Rock Gardens are breathtaking any time of the year, and the Arboretum offers some of the best hiking in the city. The marsh walk is a popular destination, and you may even spot an eagle if you’re lucky!

It’s not summertime until you’ve visited the Waterfront Park, where you can walk or cycle for hours along the shore of Lake Ontario. If you need refreshments, you’ll find dozens of ice cream shops, cafes and patios to visit and recharge.  


Looking for even more fun things to do nearby? There’s too much to list in a single post! Here are some other ideas to try:


Rainy Day Fun

There’s no need for a little rain to ruin the fun. In fact, with a 16,000-square-foot indoor play area like Lil’ Monkeys, the children might start searching for dark clouds! The facility features a bungee trampoline, soccer floor, a 6-level jungle gym and a new virtual reality arcade to keep kids six and over entertained for hours. There’s even a lounge area and healthy cafe where you can sit and relax and catch up with friends as the children play.

The Burlington Art Gallery and countless museums are another way to get out and enjoy the summer on a rainy afternoon – or any day for that matter!

Milton also has no shortage of fun things to enjoy when the clouds roll in. Enjoy an arcade game or a friendly round of bowling at Champs Family Entertainment Centre. The venue also features a private billiards lounge and a Mission Impossible Escape Room where you can choose your own difficulty.

The Mattamy National Cycling Centre even offers drop-in programs where you can ride your bike indoors no matter what the weather brings.

Do you think Milton or Burlington might be your next place to call home? We can help! You can ask us anything about buying or selling real estate right here.

5 Milton Parks to Visit This Spring

05.17.21 | For Buyers

5 Milton Parks to Visit This Spring

The weather is warming up, which means it’s time to get outside and enjoy the great outdoors! Fortunately, Milton is home to some truly stunning parks, trails, and green spaces. There’s no better time to explore them than now—especially if you’ve been feeling a little cooped up as of late.

Here are five beautiful parks to visit in Milton when you could use some fresh air…

1) Kelso Conservation Area

At an incredible 981 acres, Kelso Conservation Area is a true refuge in the Milton area. Along with a lake, boardwalk, and sandy beach (complete with concessions), you’ll find no shortage of cycling and hiking trails. Kelso is known as a favourite destination for Ontario mountain bikers, while those who prefer to get their exercise on foot appreciate the fact that the Escarpment and Lime Kiln Trails are bike-free. When the fall rolls around, the leaves change spectacularly—and in the colder months, check out the ski hill!


Want to know some other exciting things you can do in Milton? Here are some ideas for you to try:


2) Centennial Park

You don’t have to leave Milton to enjoy the great outdoors. In the heart of downtown, you’ll find Centennial Park. This beautiful urban green space features pretty Mill Pond, a sparkling reservoir that can be viewed from an iconic gazebo that’s positioned above the water. Ducks, geese, and other birds abound, making the area ideal for nature lovers. When you’re ready for a stroll, you can take a walk along the Jaycee Trail, which is both wide and scenic. Lastly, this a great place to go fishing—so grab your rods and your little ones!

3) Crawford Lake Conservation Area

It’s one of the crowned jewels of Milton and the surrounding area. Crawford Lake Conservation Area contains 232 pristine acres full of well-treed paths and stunning lookouts. If you’re interested in some historical fun, you can also check out the onsite longhouse village, which provides insight into 15th century Iroquoian culture. One of the best things about Crawford Lake is the fact it can be enjoyed in every season—so be sure to return for a visit in winter, when you can go for a snowshoe jaunt or cross-country ski.

4) Hilton Falls Conservation Area

Looking to enjoy the natural world close to home? Hilton Falls Conservation Area is just off the 401, making it a convenient place for some Saturday afternoon exploration. This pretty outdoor paradise is well known for its 10-metre waterfall, which features a convenient viewing station. A stunning 30 kilometres of trail are also well worth exploring, whether you’re on a bike or on foot.

5) Rattlesnake Point

If you’ve never been to Rattlesnake Point before, now is the time to check it out. This outdoor oasis, which features a handful of beautiful trails, offers incredible views of the Niagara Escarpment. Whether you visit with friends, family, or on your own, be sure to take in the majestic, thousand-year-old trees. The area is also known for its turkey vultures, which can be seen soaring across the sky in the warmer months!

Thinking of moving to Milton?

Get in touch to learn more about the community—and how we can help you find the perfect home here!

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