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07.11.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
The average price in Milton $1,095,665
The average price in Burlington $1,164,925
The average price in Oakville $1,482,150
06.12.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Maggie Barnett
The average price in Milton $1,046,179
The average price in Burlington $1,158,109
The average price in Oakville $1,591,978
05.9.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Jeannie Oropesa
The average price in Milton $1,095,865
The average price in Burlington $1,114,352
The average price in Oakville $1,587,333
05.8.24 | For Buyers
It can be a humbling experience for first-time homebuyers in today’s Canadian real estate market. Whether putting together sizeable down payments or navigating the challenging mortgage market, first-time homebuyers have many hurdles to overcome.
That said, despite what could be a daunting endeavour for many households, it is also an exciting time because you are making a decision that will impact the rest of your life. It might sound like a trope these days, but acquiring a single-family home, condo, or townhome is the most significant purchasing decision you will ever make. As a result, making the right decisions and doing your due diligence is imperative to ensure you are confident, prepared, and knowledgeable in this journey.
So, what should you know about the Canadian housing market as a first-time homebuyer?
Here are seven aspects of the real estate market every first-time homebuyer needs to know:
Financial preparation is a critical first step in the homebuying process. In the early days of the pandemic, many households threw caution to the wind amid a climate of historically low rates.
Today, with mortgage rates averaging six percent and inflation still affecting household budgets, it is vital to manufacture a realistic homebuying budget and stay within your means no matter how large a mortgage you might be offered. To achieve this, you will have to crunch the numbers for everything: income, savings, and debts.
As a new buyer, you do not want to decimate your budget. When purchasing a residential property, you should consider other expenses than your mortgage. These include property taxes, homeowners’ insurance, and property maintenance and repair costs.
As a first-time buyer, getting pre-approved for a mortgage is a prudent way to know how much lenders will allow you to borrow. However, even if you qualify for more than expected, ensure you can still afford the monthly payments. Remember that most properties require a minimum down payment of at least five percent. Of course, the bigger your downpayment, the less your overall debt will be.
Industry experts purport that understanding the different types of mortgages available is crucial to understanding the terms and conditions. This can also help you decide whether to choose a fixed- or variable-rate mortgage.
Fixed-rate mortgages are those where the interest rate remains the same throughout the term of your mortgage. A variable-rate mortgage is one where the interest changes. Mortgages can also have different term lengths ranging from six months to ten years. A longer mortgage term can help you lower your monthly payments, but shorter terms can score you a better interest rate.
As a first-time buyer, it is natural for you to want the best: the property size, location, or features and amenities. But it is best to be realistic and practical. It is not always possible to get what one wants every time. You may have to be flexible and compromise on certain aspects of your first home. This is especially true for people who are working on a tight budget. Hence, don’t aim too high or too low. Just be realistic and find a property that meets your most essential criteria and aligns with your current lifestyle.
What type of home do you desire? Indeed, there are various categories of residential properties:
Different property types have different benefits and challenges.
For example, condos usually have many amenities but high monthly condo fees and special assessments. Detached homes offer more privacy but may be more expensive to buy and maintain.
Therefore, determining what type of home you want based on your budget, lifestyle, and long-term goals might be much more complex than you would imagine.
Since this is your first time buying a home, you should research the national, provincial, or local real estate market comprehensively. This would typically consist of identifying the few locations that appeal to you the most and studying the property values and market trends in those areas.
You can understand pricing in those places by learning about local market conditions.
A real estate agent can be a lifesaver in many ways. Let’s be honest: as a new buyer, you cannot understand the dynamics of the real estate market as efficiently as a real estate agent would. With the Barnett Real Estate Team we believe that finding your ideal home should be an enjoyable experience. That’s why we focus on taking the stress out of your purchase. With us, no detail is overlooked. Our in-depth local knowledge and perfected buying process make your purchase seamless, successful, and fun! If we work together, you can truly relax—and focus on choosing a home that suits you perfectly.
Remember when it was reported that homebuyers were skipping home inspections during the pandemic-era real estate market? Crazy times! Now that conditions have stabilized, it is imperative to follow through on an industry custom: Getting a home inspection.
Sure, many novice homebuyers may not realize the importance of this step because they have never purchased a property before. However, inspecting a property you are considering buying can help identify potential problems. It might be tempting to skip this step, but do not make this mistake. The amount you spend today to inspect the property may save you a lot more in the long run.
04.11.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Katherine Barnett
The average price in Milton $1,061,031
The average price in Burlington $1,119,979
The average price in Oakville $1,486,047
03.13.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Maggie Barnett
The average price in Milton $1,106,624
The average price in Burlington $1,117,004
The average price in Oakville $1,575,436
02.8.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Jeannie Oropesa
The average price in Milton $1,033,641
The average price in Burlington $969,008
The average price in Oakville $1,451,707
01.10.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
Let’s dive into a review of the 2023 real estate market! Across the GTA, we witnessed the lowest number of sales in over two decades, despite the increased population. Compared to 23 years ago when the population was two-thirds of its current size, with more housing now, this decline becomes even more notable. The challenging aspect remains the difficulty in purchasing a home due to soaring prices and increased rates. However, there’s a glimmer of good news with recent drops in the five-year fixed-rate mortgages following the downward trend in bond yields.
New listings have also decreased. For instance, in Milton, the inventory for Townhomes stands at just two months currently, a significant contrast to the six months observed last fall. This trend holds true for certain micro markets as well. Although the average sale price has dipped by 5.4% from 2022, it’s essential to note that in 2023, the average price in Milton was $1,082,000, down from $1,174,000 in 2022. Yet, when compared to 2020’s average of $860,000, we’re still up by a commendable 25.8%.
Zooming out to the broader GTA region, the numbers reflect a consistent upward trend from 2020 to 2023, showing an overall increase of 21%. Taking the bigger picture into account, this presents a more positive outlook compared to the recent years’ declines.
By: Katherine Barnett
The average price in Milton $990,944
The average price in Burlington $1,016,778
The average price in Oakville $1,630,068
12.12.23 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
In recent months, October stood out as the quietest period in about 25 years. With just a month remaining in 2023, transactions are anticipated to fall below 70,000, marking the lowest point since 2001 despite increased immigration rates. Factors like inflation and higher borrowing expenses have impacted affordability significantly. Yet, there’s a silver lining with fixed rates showing a downward trend, and predictions suggest the Bank of Canada might lower rates in the first half of 2024. As for November, sale prices remained largely unchanged compared to the previous year.
Re/Max Canada’s 2024 Predictions are out.
They anticipate that the prices are expected to rise 0.5% in 2024 across Canada
Halton Region
GTA 2024 predictions:
Top trends
By: Maggie Barnett
The average price in Milton $1,041,949
The average price in Burlington $1,022,569
The average price in Oakville $1,572,012
11.8.23 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
Affordability challenges and market uncertainties, compounded by increased interest rates, resulted in maintaining sales figures at a consistent level in October compared to the previous month. This trend indicates a roughly 5% decrease in sales compared to the same period last year, amounting to just over 4,600 sales.
The housing market in the Greater Toronto Area (GTA) remains balanced, with an approximate inventory of 4 months for all home types. The average sale price has observed a modest increase of about 3% from the previous year, now standing at $1,125,000. In Milton, the average sale price stands at $1,036,000, with slightly over 100 sales recorded last month. Milton also reflects a housing inventory of approximately 4 months.
Moving to other parts of the Halton region, the average sale prices are notably higher. Burlington boasts an average price of $1,140,000 while Oakville’s average hovers close to $1.4 million. These higher averages are largely influenced by the luxury real estate market prevalent in these areas.
If you have any inquiries regarding the market or your specific property, please do not hesitate to contact us at any time. We are here to assist you.
By: Jeannie Oropesa
The average price in Milton $1,036,226
The average price in Burlington $1,140,816
The average price in Oakville $1,395,752
