Home prices continue to edge up in Oakville, Burlington
Published May 3, 2024 at 3:14 pm
Compared to last April, the Greater Toronto Area real estate market saw a five per cent dip in home sales, with a total of 7,114 sales, including Oakville, Burlington and Milton.
Despite this slowdown, the Toronto Regional Real Estate Board reports a whopping 47.2 per cent increase in new listings, which has helped keep average selling prices stable from year to year.
This equilibrium between supply and demand indicates a stable market outlook, with the average selling price rising slightly by 0.3 per cent to $1,156,167.
“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring,” said said TRREB President Jennifer Pearce.
“While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home.”
According to the monthly report, conditions are heating up in Halton Region in the early spring market.
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Sales improved by 13 per cent from March, with 813 units trading hands, causing some upward pressure on the average price, which reached $1,297,545.
New listings increased to 1,680 units, up 33 per cent month-over-month, while active listings were sitting at exactly the same figure as new listings by the end of April marking a significant increase of 61 per cent.
However, months of inventory have remained unchanged at 2.2 months, and property days on market have declined by two days to an average of 26 days, likely signalling that demand is still meeting supply.
Burlington and Oakville were the most active Halton Region municipalities in April.
In Burlington, sales improved by 27 per cent, to 300 units, while the average price remained mostly flat at $1,144,352, increasing just two per cent month-over-month.
However, new listings improved by 52 per cent, reaching 516 new units and active listings followed suit, with a whopping 64 per cent growth, reaching 468 units by the end of April.
“This has set up the spring market nicely, and with property days declining to 25 from 33 in March, it looks like demand is increasing,” says the report.
In Oakville, 287 homes sold in April, up eight per cent month-over-month, and the average price hit $1,587,333, an increase of seven per cent.
Like in Burlington, the number of listings has improved and buyers are moving faster. There were 674 new listings that hit the market in April, an improvement of 34 per cent, bumping the active listings up to 720 units by the end of the month, an improvement of 54 per cent.
However, months of inventory have increased by just four per cent, to 2.7 months, because homes are moving faster, averaging 28 property days on market, down from 31 in March.
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