House prices dropping in Oakville and Milton, up in Burlington and Halton Hills
Published April 4, 2024 at 12:19 pm
While homes are still costly in the Halton Region, new data from the Toronto Regional Real Estate Board (TRREB) suggests that the region is one of few in Ontario where the overall average home price dipped month-over-month.
That said, not every municipality saw prices decline.
“Halton Region’s real estate market is building momentum for a busy spring, but compared to other GTA markets, is seeing a slower start,” real estate website and brokerage Zoocasa said in a statement.
Data indicates the average home price in the overall region (which includes Oakville, Burlington, Milton, and Halton Hills) dropped by 1.8 per cent month-over-month to $1,244,298. It’s the only region other than Durham to show an overall price decrease.
In Milton, the average house price hit $1,061,031 in March–down 4.1 per cent from February. In Oakville, the average price hit $1,486,047–down 5.7 per cent from February.
In Halton Hills, the average price rose four per cent month-over-month to an average of $1,136,762 and in Burlington, the average price increased slightly to $1,119,979. In February, the average price in Burlington was $1,117,004.
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Zoocasa says this is good news for buyers, as prices are relatively flat going into the spring market.
According to the data, the majority of sales in the region took place in Oakville and Burlington, with 266 and 236 homes changing hands, respectively. Zoocasa says demand was particularly strong in Oakville, with sales climbing 24 per cent from February.
In Burlington, sales climbed 16 per cent month-over-month.
That said, new listings and active listings did not increase as much as in other GTA regions, with active listings climbing 6.2 per cent month-over-month.
As far as prices go, the average price of a detached home in the region hit $1,628,522 last month, with detached houses in Oakville costing an average of $2,017,737. Semi-detached homes in the region cost an average of $1,031,990 and townhouses cost $1,012,959. The average price of a condo in the region was $686,316 in March.
As for the rest of the GTA, TRREB says the region saw a moderate increase in home prices across the board in March compared to a year ago, with the average selling price up by 1.3 per cent to $1,121,615.
“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment,” said TRREB President Jennifer Pearce in a statement.
“At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher.”
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