January 2023 – GTA Housing Market News
“What the heck is going on in the real estate market?!
I want to talk about what we are currently seeing in the real estate market but I think it’s important to first take a step back and look at the whole picture.
As we all know, a lot has changed over the past few years starting off with insane price growth throughout the pandemic followed by many interest rate hikes aka higher borrowing costs resulting in a drop in home prices.
And here we are.
As you can see prices have come down to where they were at the beginning of 2021 in Milton and at the beginning of 2020 in Burlington. Some call it a price correction.
Regardless, for anyone who has owned their home for 3+ years, their value is likely up.
Now let’s look at interest rates. Historically, we never saw interest rates as low as we did over the past few years. They are currently sitting where they were in 2008 and prior.
So if you were to purchase a home today, at a lower purchase price, in comparison to last year, you wouldn’t need as large of a downpayment and the land transfer tax would be less. Yes, interest rates aren’t at an all-time low but you’re spending less when purchasing.
Over the past few weeks, we have seen a pickup in showings & number of offers on desirable, well-priced homes.
At the end of the day, buy and sell when it makes sense for your particular situation.
If you have any questions, as always reach out. We are always happy to chat.”
Milton Real Estate Market
The average price in Milton $1,055,208
Burlington Real Estate Market
The average price in Burlington $936,547
Oakville Real Estate Market
The average price in Oakville $1,381,445