Homes are selling faster as real estate market heats up in Milton, Burlington, Oakville

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Published July 24, 2023 at 11:23 am

real estate sold burlington oakville

After a real estate lull early this year, the home market has heated up again in Milton, Burlington, Oakville and Halton Hills.

Homes in Ontario were moving relatively slowly at the beginning of the year, however as confidence has been restored in many buyers, the pace at which homes are being sold has picked up significantly.

Zoocasa, an online real estate company, analyzed 23 cities across Ontario to find out where homes were moving the quickest in June 2023.

According to the report released today, homes are selling twice as fast as they were six months ago.

The fastest moving markets are London and Ajax, both of which see an average sales period of 11 days.

In Halton, Milton is the fastest moving market in June with the average house selling for $1,115,784 in 14 days.

Halton Hills was next with an average selling period of 18 days and the average sale at $1.14M. Burlington saw houses sit on the market for an average of 20 days, selling for $1.17M and Oakville was close behind with the average house selling for $1.56M after 21 days.

According to a Zoocasa analyst, much of the home selling resurgence is due to the stability in mortgage rates in the spring.

“Interest rate hikes had paused until June, giving buyers encouragement to step into a more certain market,” said the spokesperson.

“Last year when interest rates were increasing rapidly, many buyers took to the sidelines to wait out the market until they had some clarity on its direction. This spring, many sideline buyers finally felt they had waited long enough.

“Equally, there is still a large supply issue, meaning that what little supply is available has great competition, so buyers are having to move a little quicker to snap up their ideal home. The impact of the heightened demand and lacking inventory is clear when you look at how much quicker homes are selling now as opposed to the start of the year, as well as at the steady climb of home prices.”

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