Price of buying a home down significantly in Oakville, Burlington, Milton compared to last year
The cost to buy a home dropped in February when compared to the same time last year in Milton, Oakville, Burlington and Halton Hills.
February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year.
The result was that the average selling price and continued to level off after trending lower through the spring and summer of last year.
“It has been almost a year since the Bank of Canada started raising interest rates,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
“Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many home buyers have also decided to purchase a lower priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year.”
In February in Burlington there were 176 homes sales, with an average selling price of $1.04M. In Halton Hills there were 46 homes sales at an average price of $1.02M, in Milton there were 126 sales at an average price of $1.05M and in Oakville there were 177 sales at a average price of $1.56M.
Across the GTA, the number of new listings entered into the system was down by 40.9 per cent, to 8,367.
“New listings continued to drop year-over-year in the GTA,” said TRREB Chief Market Analyst Jason Mercer.
“Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,”.
Across the GTA, the average selling price for February was $1,095,617, down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier.insauga's Editorial Standards and Policies advertising