11.14.24 | For Buyers

Housing Market Insight October 2024

October 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) saw a notable year-over-year increase in October 2024, with a sharp rise in activity compared to the same month in 2023. While new listings also rose during this period, the increase was less pronounced, leading to tighter market conditions than the previous year. The average selling price saw a modest annual increase.

Although we are still in the early stages of the Bank of Canada’s rate-cutting cycle, it’s clear that more buyers returned to the market in October. 

The improvement in affordability, driven by lower borrowing costs and relatively stable home prices, contributed to a rebound in market activity.

In total, GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024—an increase of 44.4% compared to the 4,611 sales recorded in October 2023. New listings reached 15,328, up by 4.3% year-over-year. On a seasonally adjusted basis, October sales rose compared to September. 

The MLS® Home Price Index Composite benchmark was down 3.3% year-over-year, while the average selling price increased by 1.1% to $1,135,215 compared to October 2023. Seasonally adjusted, the average price also edged higher compared to September.

Despite tighter market conditions in October, there remains a significant inventory of homes, giving buyers plenty of options. This ample choice is expected to keep price growth moderate in the near term. However, as inventory continues to be absorbed and home construction struggles to keep pace with population growth, we anticipate stronger price increases, likely starting in the spring of 2025.

To further improve affordability, policymakers could consider reducing taxes for homebuyers. TRREB supports the Conservative Party of Canada’s proposal to eliminate the GST on new homes priced under $1 million, which would provide much-needed relief for first-time buyers. Expanding this rebate would not only make homes more affordable but could also encourage increased construction.

Given that the average price of a home in high-cost markets like the GTA and Vancouver exceeds $1 million, a more flexible approach, such as gradually phasing out the rebate between $1 million and $1.5 million, would better address the needs of these markets. It is encouraged that Provincial governments should also consider adopting similar measures.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,040,242

Burlington Real Estate Market

The average price in Burlington $1,088,016

Oakville Real Estate Market

The average price in Oakville $1,495,46


The average price in GTA $1,135,215

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

September August July

10.10.24 | For Buyers

Housing Market Insight September 2024

September 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

September stats showed that home sales were up in sales activity yet slightly down in price year over year. Across the GTA we saw 4,996 sales, which is an increase of 8.5% from this time last year.  The average sale price was $1,107,000, which is a very slight decrease from last year, at 1%.  We did see new listings increase by 10.5% with over 18,000 new listings coming on the market and bringing the active listings in the GTA to over 25,600, which is roughly 5.1 months of inventory indicating that the GTA is in a balanced market.  Homes are selling on average for 99% of asking and in 43 days

In Milton specifically, we saw 127 sales and have 3.8 months of inventory, with 486 active listings,  Homes in the area are selling for 99% of asking and 47 days on the market. 

What does all this mean? With the increase in home sales in September matched by the increase in new listings over the same period, we saw a better-supplied market and increased negotiating power for buyers. They had the ability to negotiate on price which led to a slight decrease in year-over-year prices especially in the more affordable segments such as condos and townhomes. 

Additionally, the government announced last month positive changes to mortgage lending guidelines. Firstly, the ability for existing mortgage holders to shop around for the best rate without facing the stress test will help with affordable mortgage renewals. Secondly, insured mortgages will have the option of longer amortization periods. Lastly, the ability to insure mortgages for purchases under $1.5 million (currently under $1 million) will allow buyers with less than 20% down to purchase homes between $1 million and $1.5 million. These changes will give buyers more flexibility when purchasing homes.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,021,471

Burlington Real Estate Market

The average price in Burlington $1,159,810

Oakville Real Estate Market

The average price in Oakville $1,585,452


The average price in GTA $1,107,291

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May   April    March   February January December 

09.12.24 | For Buyers

Housing Market Insight August 2024

August 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

August stats showed that home sales were down year over year in both numbers and price. Across the GTA we saw 4975 sales, which is a decrease of over 5% from this time last year.  The average sale price was $1,074,000, which is a very slight decrease from last year, under 1%.  We did see new listings increase 1.5% with over 12,500 new listings coming on the market and bringing the active listings in the GTA to over 22,600, which is roughly 4.5 months of inventory.  Homes are selling on average for 99% of asking and in 28 days

In Milton specifically, we saw 131 sales  and have just over 3 months of inventory, with 443 active listings,  Homes in the area are selling for 99% of asking and 26 days on market

What does all this mean? We have fewer sales in the GTA again this year when we compare to year-to-date numbers from last year.  With the small incremental adjustments to the interest rate by the Bank of Canada, there has not been a significant translation to the market and with day-to-day affordability at the top of mind for many as well as the lack of first-time buyers, we have not seen any upwards pressure on pricing and experts suggest it will be a slower recovery in the market over the next 1.5-2 years

All markets are not the same, so while detached saw a 1% decrease in the number of sales, the condo market in Toronto is sitting at just under 15% fewer sales so if you are curious about your home or area specifically, please reach out were here to help. 

Milton Real Estate Market

The average price in Milton $1,064,460

Burlington Real Estate Market

The average price in Burlington $1,178,429

Oakville Real Estate Market

The average price in Oakville $1,430,334


The average price in GTA $1,074,425

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May   April    March   February January December 

08.9.24 | For Buyers

Housing Market Insight July 2024

July 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

The Bank of Canada cut their interest rates with 2 small adjustments this year, which has increased buyer activity slightly in the GTA. 

Most significantly, buyers have a lot of choice, with an increase of 55% of active listings in the GTA over the same time last year.  This means that the market has about 4 months of inventory right now Keep in mind, this market is very specific to different segments of the market. 

In the GTA there were 5,391 sales, which is a slight increase of 3% over last year, while prices remained relatively level with an average sale price of $1.1M. 

In Milton, we saw 129 sales last month and an average sale price of just under $1.1M.  With 483 active listings in Milton, we have roughly 3.7 months of inventory in the area.  Homes last month had an average of 34 DOM and sold for roughly 98% of asking. 
 
What does all this mean? While sales numbers are down, prices have not been trending down and are staying about level with previous months. 

Milton Real Estate Market

The average price in Milton $1323,960

Burlington Real Estate Market

The average price in Burlington $1,506,433

Oakville Real Estate Market

The average price in Oakville $2,012,349


The average price in GTA $1,106,617

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May   April    March   February January December 

07.11.24 | For Buyers

Housing Market Insight June 2024

June 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023.

“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year.

The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up compared to May 2024.

“The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB Chief Market Analyst Jason Mercer.

Reach out if you have any questions. 

Source: TRREB

Milton Real Estate Market

The average price in Milton $1,095,665

Burlington Real Estate Market

The average price in Burlington $1,164,925

Oakville Real Estate Market

The average price in Oakville $1,482,150


The average price in GTA $1,162,167

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

April    March   February January December 

06.12.24 | For Buyers

Housing Market Insight May 2024

May 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Following inflation dropping to 2.7% in April the Bank of Canada dropped interest rates 0.25 basis points last week, bringing the rate down to 4.75% from 5%. This is the first rate cut in over four years, since the pandemic, and signals a shift and a step in the right direction. 

Homeowners with variable mortgages will experience more going towards their principal and homeowners with home lines of credit will have an immediate reduction in their interest rate. Additionally, bond yields have been trending downward resulting in lower fixed rates. This is all great news for Canadian homeowners. May home sales continued at low levels, especially in comparison to last spring’s short lived spring market. The beginning of the year we saw a pickup in the market as interest rates remained flat but as we approached the spring we didn’t experience a typical spring market. 

Number of transactions in May was down 21% compared to last year yet interestingly enough new listings were up 21% when compared to last year. Prices are slightly up on an adjusted monthly basis. As affordability is expected to continue to improve as borrowing costs trend lower, demand is expected to increase as more buyers are expected to enter the market including many first-time home buyers. 

The next year will be very interesting, reach out if you have any questions. 

By: Maggie Barnett

Milton Real Estate Market

The average price in Milton $1,046,179

Burlington Real Estate Market

The average price in Burlington $1,158,109

Oakville Real Estate Market

The average price in Oakville $1,591,978

The average price in GTA $1,165,691

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

April    March   February January December 

05.9.24 | For Buyers

Housing Market Insight April 2024

April– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Throughout April, the Toronto Market witnessed a fluctuating landscape in options sales: down year-over-year yet showing a modest increase from the previous month. The average sale price for all types of homes in the GTA stood at $1,156,000, indicating a slight uptick from the prior year. Despite this, homes are still commanding an average of 102% of their asking price.

Active listings experienced a notable surge, jumping over 74% compared to the same period last year. While this offered buyers a wider array of choices, many are adopting a wait-and-see approach in anticipation of potential interest rate adjustments.

In the Milton area specifically, the market presents a distinct scenario. With a mere two months of inventory available, the average sale price hovers around $1.1 million, with homes typically selling slightly above their asking price, averaging at 101%.

Should you have any inquiries concerning your particular property or neighbourhood, please don’t hesitate to get in touch. We’re here to provide support and guidance every step of the way.

By: Jeannie Oropesa

Milton Real Estate Market

The average price in Milton $1,095,865

Burlington Real Estate Market

The average price in Burlington $1,114,352

Oakville Real Estate Market

The average price in Oakville $1,587,333

The average price in GTA $1,156,167

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

  March   February January December November  

04.11.24 | For Buyers

Housing Market Insight March 2024

March 2024 – GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

It was a slow month with sales figures lower than last year, which itself was the slowest March in two decades. However, the total sales for January, February, and March combined are up by 40% compared to last year. We’re eagerly awaiting April’s numbers. Despite the slowdown, properties priced under a million are still moving well, while higher-end properties are moving slower. The average price for all home types in Milton is just over a million at $1,061,000, with an average of only 12 days on the market.

We’re here to keep you informed and up-to-date, so please don’t hesitate to reach out if you have any questions.

By: Katherine Barnett

Milton Real Estate Market

The average price in Milton $1,061,031

Burlington Real Estate Market

The average price in Burlington $1,119,979

Oakville Real Estate Market

The average price in Oakville $1,486,047

The average price in GTA $1,121,615

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

  February January December November  October

03.13.24 | For Buyers

Housing Market Insight February 2024

February 2024 – GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

We’ve noticed an uptick in both the number of offers and overall market activity as we approach the spring season. This surge is largely attributed to the widespread belief among consumers that the Bank of Canada has capped its interest rate hikes, with expectations leaning towards a decrease in rates throughout the year. This shift has bolstered consumer confidence, spurring demand in the market. Consequently, well-priced and attractive homes are now frequently receiving multiple offers. However, it’s important to note that February often serves as a transitional period, moving from the typically slower winter months into the bustling spring market. This makes it a somewhat challenging time to fully assess market trends. As we move into spring, it will be fascinating to see how these dynamics evolve.

We’re here to keep you informed and up-to-date, so please don’t hesitate to reach out if you have any questions.

By: Maggie Barnett

Milton Real Estate Market

The average price in Milton $1,106,624

Burlington Real Estate Market

The average price in Burlington $1,117,004

Oakville Real Estate Market

The average price in Oakville $1,575,436

The average price in GTA $1,108,720

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

January December November  October September 

02.8.24 | For Buyers

Housing Market Insight January 2024

January 2024 – GTA Housing Market News

 

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

The Toronto real estate board has reported a positive start to 2024. While new listings have started to appear on the market, they haven’t kept pace with the influx of home buyers. This has led to tighter market conditions, resulting in multiple offers on properties. The strategy of listing properties low and holding offers, which was prevalent in the past few years, is making a comeback.

Anticipating the Bank of Canada to reduce its policy rate in the second half of this year, the Toronto board expects this move to contribute to an increase in home sale prices over the next two years. Despite the average sale price across the Greater Toronto Area (GTA) being $826,000, roughly 1% lower than the previous year, there has been a significant 37% increase in the number of sales, totaling 4,223 compared to just over 3,000 in January of the previous year.

In Milton, the market presents approximately 1.9 months of inventory, with properties spending around 30 days on the market. Homes are selling for about 99% of the asking price, reflecting a robust market. The average sale price for all home types in Milton stands at $813,000, marking a substantial increase of over $40,000 from December 2023.

Should you have any inquiries about your specific property or neighbourhood, feel free to reach out anytime. We’re here to assist you in navigating the dynamic real estate landscape.

 

By: Jeannie Oropesa

Milton Real Estate Market

The average price in Milton $1,033,641

Burlington Real Estate Market

The average price in Burlington $969,008

Oakville Real Estate Market

The average price in Oakville $1,451,707

The average price in GTA $1,026,703

Have questions about the market? Contact us today to learn more!

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