May 2023 – GTA Housing Market News

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

The Toronto Real Estate Board and Milton area witnessed a surge in demand for housing, outpacing the available supply. Sales as a proportion of new listings showed a remarkable increase compared to the previous year, indicating heightened competition among buyers. In May 2023, sales experienced a substantial growth of 24.7% compared to May 2022. On a seasonally adjusted monthly basis, sales also saw a positive trend, rising by 5.2% compared to April 2023. Although the average selling price in May 2023 declined slightly by 1.2% to $1,196,101 compared to May 2022, it rose by 3.5% on a seasonally adjusted monthly basis compared to April 2023. The heightened demand for ownership housing can be attributed to higher borrowing costs and population growth. Strong rent growth and record immigration have further fueled the surge in home sales. However, the inadequate supply of listings relative to demand has exerted upward pressure on selling prices during the spring market.

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.

 

 

Milton Real Estate Market

The average price in Milton $1,117,530

 

Burlington Real Estate Market

The average price in Burlington $1,115,294

 

 

Oakville Real Estate Market

The average price in Oakville $1,554,259

 

 

 

 

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

 

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 April  March  February January December 

April 2023 – GTA Housing Market News

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

Conditions continue to tighten across the GTA with nearly 40% fewer listings hitting the market, despite roughly the same number of sales.⁠ ⁠ Driving buyers into competition more and more⁠ ⁠ The Average sale price of all home types across the GTA was $1,153,000, down 7.8% from this time last year.⁠ ⁠ In Milton, the average sale price was $1,118,000 and homes are selling for roughly 101% of asking. Average Days on the market was steady at about 13 days.⁠ ⁠ Months of inventory in Milton continue to hover around 1.7 months, meaning we are still firmly in a seller’s market. ⁠ ⁠ 

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.

 

 

Milton Real Estate Market

The average price in Milton $1,118,827

 

Burlington Real Estate Market

The average price in Burlington $1,149,169

 

Oakville Real Estate Market

The average price in Oakville $1,580,110

 

 

 

 

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

 

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  March  February January December November

March 2023 – GTA Housing Market News

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

As we move through the first quarter, we’ve been closely monitoring the Toronto Real Estate Board and Milton area market. One trend that has become apparent is the limited inventory of available homes, resulting in heightened competition among buyers. This has put upward pressure on prices, with the average sale price for a home in Milton currently standing at $1,133,21, and an average of 17 days on the market.

In the Greater Toronto Area, the average sale price for all types of homes is currently $1,108,606, which represents an increase of $36,000 from January.

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.

 

 

Milton Real Estate Market

The average price in Milton $1,133,210

 

Burlington Real Estate Market

The average price in Burlington $1,040,366

 

Oakville Real Estate Market

The average price in Oakville $1,571,254

 

 

 

 

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

 

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February January December November October

February 2023 – GTA Housing Market News

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

As you’ve probably heard, the Bank of Canada held the current interest rate at 4.5%, for the first time in a year.  We will be watching to see how this impacts the Spring market in the coming weeks and months. 

In February 2023, TREB saw 47% fewer sales, but market conditions remain tight as new listings are also down roughly 40%, keeping low inventory. The average sale price is $1,095,000 among all home types, which is down about 18% from this time last year but is an increase from January.

In Milton, the average sale price for all home types was $975,000, selling on average for 100% of the asking price and within 14 days on the market, which signals that we are still very much in a seller’s market. The average price for a detached home in Milton is $1,318,000 which is where prices were just before the spike in prices we saw last year. We are still seeing sale prices well ahead of where we were pre-pandemic. 

Keep in mind, micro-markets vary quite a bit, so if you have any questions about the market or your home in particular, reach out anytime, we are here to help.

 By: Jeannie Oropesa

Milton Real Estate Market

The average price in Milton $1,055,272

Burlington Real Estate Market

The average price in Burlington $1,047,829

Oakville Real Estate Market

The average price in Oakville $1,564,949

 

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

 

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January December November October September

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

 

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

 

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December November October September August

December 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the December stats:

• The average sale price in the GTA is $1,051,216
• Housing market experienced a marked adjustment in 2022 compared to record levels in 2021.
• Existing affordability issues brought about by a lack of housing supply were increased by the interest rate hikes by the Bank of Canada.
• Prices have leveled off in Milton, the average home prices in December is the same average price in June and July of 2022.

Milton Real Estate Market

The average price in Milton $1,069,068

Burlington Real Estate Market

The average price in Burlington $1,070,036

Oakville Real Estate Market

The average price in Oakville $1,449,722

 

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

 

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November October September August July June

November 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the November stats:

• The average sale price in the GTA is $1,079,395
• Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability
• The Bank of Canada has increased interest rates by another 50 basis points to 4.5%

Milton Real Estate Market

The average price in Milton $1,078,240

Burlington Real Estate Market

The average price in Burlington $964,939

Oakville Real Estate Market

The average price in Oakville $1,397,718

 

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

 

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October September August July June

October 2022 – GTA Housing Market News

Real Estate stats worth noting

From September to October 2022 home prices & number of transactions fell flat (meaning we saw a 0% increase month over month).

Why?

Simply due to lack of inventory.

Where do home prices sit when looking at the last year? 2 years? 5 years? 10 years?

➡️ Year 6% decrease
➡️ 2 years 11% increase
➡️ 5 years 28% increase
➡️ 10 years 54% increase

This is why it’s important to look at the larger picture and not try to time the market.

Buy and sell when it makes sense for you and your particular situation.

Milton Real Estate Market

The average price in Milton $1,031,770

Burlington Real Estate Market

The average price in Burlington $1,223,189

Oakville Real Estate Market

The average price in Oakville $1,487,485

 

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

 

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September August July June May

September 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the September stats:

• The average sale price in the GTA is $1,086,762
• New listings were also down on a year-over-year basis by 17%. This was the lowest number of new listings reported for the month of September since 2002.
• Sales for the month were down by 44.1 per cent compared to September 2021.

Milton Real Estate Market

The average price in Milton $1,060,886

Burlington Real Estate Market

The average price in Burlington $1,059,736

Oakville Real Estate Market

The average price in Oakville $1,534,810

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

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August July June May April

August 2022 – GTA Housing Market News

What is going on with the real estate market?

Here are the August stats:

• The average sale price in the GTA is $1,079,500
• The average selling price was up slightly month-over-month
• The Bank of Canada has increased the interest rate again this week by 75 basis points.

Milton Real Estate Market

The average price in Milton $1,002,514

Burlington Real Estate Market

The average price in Burlington $1,070,005

Oakville Real Estate Market

The average price in Oakville $1,587,619

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

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