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  

05.8.24 | For Buyers

Understanding the Real Estate Market as a First-Time Home Buyer

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?

Understanding the Real Estate Market as a First-Time Home Buyer

Here are seven aspects of the real estate market every first-time homebuyer needs to know:

Aim for What You Can Afford

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.

Mortgage Pre-Approval

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.

Knowing Various Mortgages

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.

Select Your Home

What type of home do you desire? Indeed, there are various categories of residential properties:

  • Single-family homes
  • Semi-detached houses
  • Townhomes
  • Condominiums

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.

Research, Research, Research

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.

Find a Good Real Estate Agent

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.

The Home Inspection

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

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!

Previous Reports on GTA Housing Market News

 December November  October September   August   July June  

01.10.24 | For Buyers

Housing Market Insight December 2023

December 2023 – GTA Housing Market News

 

 

 

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

 

Milton Real Estate Market

The average price in Milton $990,944

Burlington Real Estate Market

The average price in Burlington $1,016,778

Oakville Real Estate Market

The average price in Oakville $1,630,068

The average price in GTA $1,084,692

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

Previous Reports on GTA Housing Market News

 November  October September   August   July June  May

12.12.23 | For Buyers

Housing Market Insight November 2023

November 2023 – GTA Housing Market News

 

 

 

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 

  • Sellers / Balanced Market 
  • Prices up 4-12% depending on the location 
  • Transactions up 3-14% depending on the location 

GTA 2024 predictions: 

  • Balanced / Buyer’s Market
  • Prices down 3% 
  • Transactions up 10.4%

Top trends

  • Condos seeing a lot of demand 
  • Due to affordability challenges, young buyers going in on homes with family members or renting longer than expected 


By: Maggie Barnett

 

Milton Real Estate Market

The average price in Milton $1,041,949

Burlington Real Estate Market

The average price in Burlington $1,022,569

Oakville Real Estate Market

The average price in Oakville $1,572,012

The average price in GTA $1,082,179

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

Previous Reports on GTA Housing Market News

October September   August   July June  May  April 

11.8.23 | For Buyers

Housing Market Insight October 2023

October 2023 – GTA Housing Market News

 

 

 

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

 

Milton Real Estate Market

The average price in Milton $1,036,226

Burlington Real Estate Market

The average price in Burlington $1,140,816

Oakville Real Estate Market

The average price in Oakville $1,395,752

The average price in GTA $1,125,928

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

Previous Reports on GTA Housing Market News

 September   August   July June  May  April  March 

10.12.23 | For Buyers

Housing Market Insight September 2023

September 2023 – GTA Housing Market News

 

 

 

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

The real estate market in Milton and the Greater Toronto Area (GTA) is experiencing a surprising lack of a typical fall market surge. In September, sales were down by 7% compared to the previous year, and the average sale price only increased by 3%, which is less than expected. This indicates a balanced market, with over four months of inventory for townhomes and detached properties in Milton. Such a balance, typically observed with 3 to 5 months of inventory, implies that neither sellers nor buyers have a distinct advantage. Interest rates are predicted to remain high until the middle of 2024, making it challenging for potential buyers to enter the market. The real estate landscape appears uncertain, and its future direction remains to be seen.

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: Katherine Barnett

 

Milton Real Estate Market

The average price in Milton $1,053,783

Burlington Real Estate Market

The average price in Burlington $1,049,362

Oakville Real Estate Market

The average price in Oakville $1,551,189

The average price in GTA $1,119,428

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

Previous Reports on GTA Housing Market News

 August   July June  May  April  March