April home prices continue upward trend in Burlington, Oakville, Milton
Published May 3, 2023 at 3:13 pm
Higher home prices in Oakville, Burlington, Milton and Halton Hills are driving increases in the average selling price across the Greater Toronto Area.
According to the Toronto Regional Real Estate Board’s latest report, the average selling price of properties in the GTA reached $1,153,269 in April, a month-over-month increase of four per cent.
Sales were also up compared to March, increasing by nine per cent to 7,531 homes sold, though these increases combined with low levels of inventory mean market conditions are tightening.
According to the online real estate site Zoocasa, Halton home sales were one of the drivers of the increase, as it was the second most expensive region in April, behind only York.
The average price across all cities and property types in the region was $1,289,479, a modest increase of just 1.72 per cent, month-over-month. The number of new listings remained relatively flat as well, with 1,122 new homes entering the market in April, an increase of 3.03 per cent.
However, as demand has increased, homes are trading hands more quickly, spending an average of 24 property days on market, down from 29 days the previous month.
There were 817 sales across Halton Region in April, more than half of which (445) were of detached properties at an average price of $1,613,650. This figure is actually down month-over-month by 2.21 per cent, one of the only markets that experienced price decreases.
The greatest number of detached sales were in Oakville (163 sales) and Burlington (145 sales).
Townhouses were the second most in-demand property type, with 120 sales across Halton Region, and experienced month-over-month price growth of 6.64 per cent, at an average price of $1,094,072, indicating Halton Region buyers are still favouring larger property types.
Zoocasa is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.insauga's Editorial Standards and Policies advertising