Home prices down more than 6% this year in Oakville, Burlington, Milton

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Published November 22, 2023 at 10:27 am

real estate oakville milton burlington

An online real estate company says home prices are down in Oakville, Burlington, Milton and Halton Hills compared to last year.

Wahi, which bills itself as an innovative online brokerage, released its 2023 GTA Housing Snapshot Report covering Toronto as well as surrounding regions Durham, Halton, Peel and York.

“This report features insights, analysis, and more about the Greater Toronto Area’s real estate market,” said a Wahi spokesperson.

“It includes bidding trends gathered from nearly 400 neighbourhoods, ranks the most- and least-affordable towns and cities for both condos and houses, and compiles year-to-date sales data.

According to the report, Halton Hills is one of the most affordable towns and cities for houses in the Greater Toronto Area, with the year-to-date median price of a non-condo (including detached and semi-detached homes as well as townhouses) sitting at $1,050,000.

However, Halton is also home to one of the most expensive cities or towns in the GTA. Oakville is the GTA’s second-priciest market, with a median price of $1,385,000.

Halton region is tied with Toronto as the slowest-selling regions in the GTA. The average days on market for listings in Halton is 20 days, up 33.3% from a year ago.

Halton has seen the second-largest year-over-year price drop of the GTA’s five regions, with the median price for all housing types falling 6.6 per cent compared to the same period a year ago.

“Interest rates, affordability, and supply have been the defining issues for the GTA housing market in 2023,” said Wahi CEO Benjy Katchen.

“Home prices and sales are down on a year-over-year basis across all five of the regions that comprise the GTA and the average number of days on market for listings has increased. However, the extent of the softening varies from market to market.

“Meanwhile, declines in sales volume have far exceeded drops in prices, which have remained relatively sticky. Buyers who are not desperate to sell are not accepting lower offers on their homes.”

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