Home prices in Oakville, Burlington, Milton down 22 per cent compared to last year


Published February 3, 2023 at 10:36 am

If you waited a year to buy a home in Halton, you paid about 22 per cent less than you did last January.

According to numbers released by the Toronto Regional Real Estate Board (TRREB), home sale prices in Burlington, Oakville, Milton and Halton Hills remained similar to last month, but dropped significantly when compared year-over-year.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months,” said TRREB president Paul Baron

“Record population growth and tight labour market conditions will continue to support housing demand moving forward,”.

Realtors in the GTA reported 3,100 sales in January, in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price.

“Home prices declined over the past year as home buyers sought to mitigate the impact of substantially higher borrowing costs,” said TRREB chief market analyst Jason Mercer.

“While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,”

Here are the home sales numbers by community in Halton in January:

  • Burlington: 127 sales at an average price of $936,547
  • Halton Hills: 37 sales at an average price of $1,023,358
  • Milton: 64 sales at an average price of $1,055,208
  • Oakville: 122 sales at an average price of $1.381.445

Across the region, compared to last January, prices were down about 22 per cent.

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