Burlington, Halton Hills, Milton see jump in home prices; Oakville leads the province
Halton’s major municipalities saw an increase in house prices in June, with Oakville seeing the largest increase in the province, according to Zoocasa.
According to the latest monthly statistics released by the Canadian Real Estate Association (CREA) for June, home sales and new listings rebounded to normal levels across Canada last month following a period of historic lows in April and May due to the pandemic.
CREA noted that almost 1 million jobs were added back to the Canadian economy in June, and the housing market showed signs of growing "cautious optimism" among buyers and sellers.
“Further, as July 1 approached, recently announced changes to the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance borrowing criteria loomed, which may have incentivized certain buyer segments to accelerate their search,” wrote Jannine Rane of Zoocasa.
“As such, national home sales improved 63 per cent since May, and there was a 49.5 per cent monthly spike in new listings. Average home prices rose 6.5 per cent nationally year-over-year (y-o-y) to almost $539,000 in June.”
In 9 of the 28 Ontario markets included in the Zoocasa analysis, the average home price grew over $100,000 annually. Oakville topped the list, with the annual average home price increasing $177,550 or 17 per cent since last year to $1,249,685.
Mississauga, Halton Hills, and the City of Toronto completed the list of regions where average home prices grew in the six figures annually. Average home prices rose by $140,265 in Mississauga, $111,183 in Halton Hills, and by $106,657 in the City of Toronto.
Burlington saw an increase of $94,896 from June 2019, for a total of $872,398.
Meanwhile, among the regions with the slowest positive sales growth were Oakville, London, and Milton.