Oakville one of the most expensive housing markets in the GTA, as prices in most of Halton rise

Although prospective homebuyers in the Halton Region continue to benefit from a healthier selection of houses to choose from, prices in the region remain high across the board–especially in Oakville. 

According to data from the Toronto Regional Real Estate Board (TRREB), there’s currently 2.2 months’ worth of inventory available in Halton (Oakville, Burlington, Milton and Halton Hills). Real estate website and brokerage Zoocasa said that while activity remained relatively flat in the region in November, sales and home prices are up slightly month-over-month. 

As far as prices are concerned, the average home price across the region rose 0.81 per cent to $1,208,950. 

In Burlington, 146 homes sold in November at an average price of $1,022,569–a 10.37 per cent dip from October. Last month, 278 new listings came online, putting a total of 455 homes on the market in the city. While that’s good news for buyers, Zoocasa says sellers should prepare to be patient, as houses in the city sit on the market for about 40 days. 

Zoocasa says Oakville was Halton’s second most in-demand market, with 137 sales recorded last month. While the influx of inventory has caused prices to cool slightly in a number of markets, data suggests that prices in Oakville–one of the most expensive municipalities in Ontario–are still rising. 

Last month, the average house price in Oakville hit $1,572,012–a 12.63 per cent increase from October. New listings and active listings are also on the decline, leaving buyers with fewer options. 

In Milton, 99 homes changed hands and the average home price hit $1,041,949 in November. Sales are a little down from October, when 106 homes sold. Prices, on the other hand, are slightly up from $1,036,226 in October. 

In Halton Hills, 46 homes changed hands in November and the average price was $1,078,625–down from $1,146,331 in October.

As far as housing types go, detached houses across the region cost an average of $1,482,380. The average price of a semi-detached house in the region is $933,548, while buyers can expect to pay about $1,007,924 for a townhouse and $906,269 for a condo. 

As for sales overall, Zoocasa says just three more homes traded hands in Halton in November over October, for a grand total of 428.

In a news release, TRREB said high borrowing costs and economic uncertainty have impacted sales across the GTA. According to the report, sales were down year-over-year, while supply was up. With more inventory offsetting other challenges, selling prices are relatively unchanged from last year.   

“Inflation and elevated borrowing costs have taken their toll on affordability. This has been no more apparent than in the interest rate-sensitive housing market,” said TRREB president Paul Baron in a news release.

“However, it does appear relief is on the horizon. Bond yields, which underpin fixed-rate mortgages, have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market.”

TRREB says the average selling price in the GTA hit $1,082,179 in November 2023–similar to last year and down 2.2 per cent month-over-month.

“Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective,” said Jason Mercer, TRREB chief market analyst, in the report.

“As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices.”