January home prices down but total sales up in Burlington, Milton, Oakville

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Published February 6, 2024 at 4:09 pm

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The price of real estate in Burlington, Oakville, Milton and Halton Hills dropped in January by the most of any GTA region.

That’s according to the Toronto and Region Real Estate Board sales numbers for the first month of 2024.

“The Toronto real estate market kicked off 2024 with promising momentum, as sales increased month-over-month in most areas,” said a market analyst for Zoocasa, an online real estate company. “This trend indicates a shift in homebuyer sentiment, likely due to decreasing borrowing costs.”

The Bank of Canada announced last month it was holding the overnight lending rate at five per cent and, since then, fixed rates have begun to come down, with some as low as 4.89 per cent.

“For much of fall 2023, total home sales in the GTA were down month-over-month as buyers felt uncertain about the future of interest rates. Last month, home sales declined 18.7 per cenr from November to December. But now it seems the market has turned a corner. Overall sales for the region were up 22.6 per cent month-over-month and up 36.3 per cent year-over-year.”

Halton Region experienced the largest month-over-month drop in average price among all GTA regions.

The average home price in Halton Region fell by 12.2% to $1,143,518 in January.

Halton Hills and Oakville led this price drop, with the average price in Halton Hills dropping by 45.1 per cent month-over-month and the average price in Oakville dropping by 10.9 per cent month-over-month.

Milton was the only area of Halton Region to experience price gains, with the average price rising by 4.3% to $1,033,641 in January.

However, Halton Region did experience a surge in activity during January as sales were up across the region. Overall sales in Halton Region were up by 25.8 per cent month-over-month, with Halton Hills and Burlington experiencing the largest increases.

Oakville saw the most demand though, with 150 homes trading hands in January compared to Burlington’s 144 sales and Milton’s 111 sales.

In a reversal from last month, where Burlington stood out in Halton Region with an increase in new listings, this month it was the only municipality in the region to see a decrease in new listings on a month-over-month basis.

New listings were down 22.6 per cent in Burlington, while Halton Hills, Milton, and Oakville all experienced a mor-than 100 per cent month-over-month increase in new listings.

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