Cost of home up 42.6 per cent in Milton, prices also way up in Oakville, Burlington.
Record high prices are making for a strong seller’s market on homes in Oakville, Burlington, Milton and across Canada.
According to the Royal LePage House Price Survey released Tuesday, the price of a home in Canada has shot up 25.1 per cent year-over-year to $856,900 in the first quarter of 2022.
That’s the highest gain on record since Royal LePage began tracking aggregate prices.
The real estate company says persistent demand paired with low inventory has increased their home price forecast by 15 per cent, compared to its initial forecast of 10.5 per cent.
“Entering 2022, we had anticipated a strong first half, and moderating real estate markets thereafter,” said Phil Soper, president and CEO of Royal LePage. “Call it buyer fatigue or easing demand, these periods of uncomfortably high home price appreciation do run their course. We are seeing the first signs of moderation in some regions, as more inventory is becoming available and competition eases slightly.
“The first quarter of the year was so strong, however, that we are bumping up our 2022 outlook. And, home prices will continue to climb in the months ahead as a result of our relentless low supply-high demand imbalance.”
The Bank of Canada announcement of a 0.5 per cent interest rate increase will apply the brakes on demand, but its impact will be less than expected compared to the impact of higher home prices.
For the first time, the median price of a single-family detached home in Barrie, Cambridge, Kitchener-Waterloo and Oshawa crossed the million-dollar threshold.
The median price of a single-family detached home in Burlington is up to $1,531,000 in the first quarter of 2022. That’s up 14 per cent quarter over quarter and 26.3 per cent year over year.
In the first quarter of 2021, that same home was selling for $1,212,500.
The price of standard condominium in Burlington the first quarter of this year was $722,900. That’s up 14 per cent quarter over quarter and 26.3 per cent year over. The media price of a condo in Burlington in quarter one of 2021 was $576,500.
A single detached home in Oakville has been going at a cost of $1,939,500 in the first quarter of this year. That’s a 13.9 per cent hike quarter over quarter and 28.4 per cent raise year over year.
The median price of the same home in the first quarter of 2021 was $1,510,944.
The cost of a condo in Oakville is up to $747,100 in the first quarter of 2022 compared to $627,000 in the first quarter of 2021.
That’s up 15.5 per quarter over quarter and 19.2 per cent
year over year.
Prices have also rocketed up in Milton. The median price of a single detached home is up to $1,522,100 in the first quarter of this year, as compared to $1,067,500 at the start of last year.
That’s up 13.8 per cent quarter over quarter and a whopping 42.6 per cent year over year.
The average price of a standard condo in Milton is up in the first quarter of this year to $694,000, a significant increase from the $595,000 cost at this time last year.
That’s a 17 per cent quarter over quarter change, while it’s up 16.6 per cent year over year.
The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and in 62 of the nation’s largest real estate markets.
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