Detached house prices shot up sharply this year in Burlington, Oakville, Milton
Published June 1, 2023 at 11:07 am
If you waited to purchase a detached home in Burlington, Oakville, Milton or Halton Hills, it likely cost you thousands of dollars.
Detached homes continue to be one of the most popular options for buyers in the GTA. As interest rates have settled, and buyers have had greater confidence in getting into the market, prices have crept up again at the start of 2023.
According to online real estate company Zoocasa, detached home sales increased by five per cent month-over-month from March to April, while the average price grew from $1,468,651 to $1,489,258. With minimal supply available, it’s likely prices will continue to increase.
But which areas of the GTA have experienced the most growth in 2023, Zoocasa analyzed average detached home prices, sales, new listings and buying conditions between January 2023 and March 2023 in seven regions.
The fastest rising area among seven regions looked at in the GTA was Toronto, with the price of a detached house jumping 14.95 per cent between January and March of this year.
But Halton was close behind, up 14.46 per cent with prices rising from $1,441,648 to $1,650,063. Prices in Simcoe County, Durham Region, York Region and Peel Region all rose between 2.76 and 6.05 per cent. The only drop was in Dufferin County, down 3.08 per cent.
Total sales of detached homes more than doubled in Halton, from 168 to 383, which was in line with the other communities.
Of the seven regions covered, four of them currently sit in a state that benefits sellers. In spite of the number of new listings improving across the board, sales continue to rise and prices continue to increase as a result of fewer homes available.
With a sales-to-new-listings ratio (SNLR) of more than 60 per cent, a market will favour sellers, and as long as the market maintains that state, prices will continue to rise.
Durham, Halton, York and Peel all currently have SNLRs above 60 per cent.
Halton is the deepest into sellers territory, at 66 per cent. The region has had 383 sales, an increase of 127.98% from the start of the year, while there were 579 new listings, up 46.21% from January.
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