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

 

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

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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

 

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

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October September   August   July June  May  April 

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

 

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

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 September   August   July June  May  April  March 

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

 

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

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 August   July June  May  April  March 

August 2023 – GTA Housing Market News

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

With higher borrowing costs and August typically being a slow month in residential real estate we saw that the constrained supply of listings resulted in fewer home sales than last year. When looking at the average sale price across the GTA prices are up 0.3% overall with semi-detached up 6.9%. Affordability is pushing a lot of people to consider townhomes or semi-detached over detached. On September 6th the Bank of Canada held interest rate at 5%. This is great news as it provides stability for both fixed and variable mortgages. We expect to see some buyer confidence in the fall following the pause in rate hikes. This is what we saw in March after the pause last winter. Historically September is a busy month for new inventory and buyer activity as a lot of people take the summer off to spend time with family and get ready for back to school.

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: Maggie Renaud

Milton Real Estate Market

The average price in Milton $1,083,812

Burlington Real Estate Market

The average price in Burlington $1,075,897

Oakville Real Estate Market

The average price in Oakville $1,492,687

 

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

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 July June  May  April  March  February

July 2023 – GTA Housing Market News

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

The number of sales across the GTA was 5250 which is an increase of 7.8 percent over this time last year. We are seeing more properties hitting the market,  an increase in new listings of 11.5 percent which is a big jump considering where we’ve been on a very much seller’s market for so long so the average sale price year over year is up 4.2 percent at $1,118,374 across the GTA. 

Milton specifically we saw an average sale price of $1,079,477 and about 2 week on the market. We are seeing about a month and a half worth of inventory so if this pattern continues of seeing more and more properties hitting the market much faster and more buyers sitting on the sidelines waiting for interest rates to adjust we may see a much more balanced Market into the fall.

 

 

Milton Real Estate Market

The average price in Milton $1,079,477

 

Burlington Real Estate Market

The average price in Burlington $1,166,119

 

 

Oakville Real Estate Market

The average price in Oakville $1,528,833

 

 

 

 

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  June  May  April  March  February January

June 2023 – GTA Housing Market News

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

What we’re seeing is the prices have stabilized, so the average sale price in Milton between May and June was exactly the same. There was a slight dip overall in the GTA of just over 1%, but most of this drop was the average sale price in the City of Toronto. That can be skewed by lack of luxury and high end sales. We are still seeing record population growth, and we have more demand than supply and continued lack of inventory. We actually had more sales in June than we did last year in June, with even less inventory. 

 

 

Milton Real Estate Market

The average price in Milton $1,115,784

 

Burlington Real Estate Market

The average price in Burlington  $1,178,036

 

 

Oakville Real Estate Market

The average price in Oakville $1,568,200

 

 

 

 

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 May  April  March  February January December 

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

 

 

 

 

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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

 

 

 

 

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