Hottest housing market in GTA continues to be Oakville, Burlington, Milton

Housing prices continued to rise last month in Burlington, Oakville, Milton and Halton Hills, bucking the flat trend seen around the rest of the GTA.

According to the monthly report from the Toronto Regional Real Estate Board, home sales, new listings, and sales prices all edged upward in February.

“We have recently seen a resurgence in sales activity compared to last year,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

“The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years.”

Pearce said many buyers are looking at other options when it comes to keeping costs down when purchasing a home.

“To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA.”

In Halton, the average price increased more notably than in other GTA markets where prices remained quite flat. It hit $1,267,011, an increase of 11 per cent month-over-month, with the most expensive Halton Region market being Oakville, at an average price of $1,575,436, up nine per cent month-over-month.

Although affordability is tight in the region, it’s still in high demand.

Sales numbers improved in all four Halton Region municipalities, with the biggest increases in Oakville, up 43 per cent to 214 sales, and Burlington, up 41 per cent to 203 sales.

With demand heating up, homes are trading hands quickly, averaging just 36 property days on market for Halton Region, while in Halton Hills, homes are spending an average of just 24 days on market.

In February, in Burlington, there were 203 home sales with a median price of $1.1M. In Halton Hills there were 65 home sales with a median price of $961,621, in Milton there were 151 home sales with a median price of $1.06M, while in Oakville there were 214 home sales with a median price of $1.35M.