House prices drop, sales down as real estate market cools in Milton, Burlington, Oakville

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Published October 6, 2022 at 12:48 pm

The cost of buying a new house in September dropped in Milton, Burlington, Oakville and Halton Hills.

The September sales report by the Toronto Regional Real Estate Board (TRREB) shows sales for the month, across the Greater Toronto Area, reached 5,038, but were down by 44.1 per cent compared to September 2021.

New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002.

In Halton, the average sales price dropped by more than 10 per cent compared to the year-to-date numbers.

In September:

  • Burlington, 182 sales, $1.06 average sales price, 423 new listings
  • Halton Hills, 62 sales, $1.14 average sales price, 141 new listings
  • Milton, 122 sales, $1.06 average sales price, 206 new listings
  • Oakville, 191 sales, $1.53 average sales price, 434 new listings

Year-to-date:

  • Burlington, 2,116 sales, $1.24 average sales price, 4,023 new listings
  • Halton Hills, 679 sales, $1.29 average sales price, 1,424 new listings
  • Milton, 1,532 sales, $1.19 average sales price, 3,115 new listings
  • Oakville, 2,142 sales, $1.66 average sales price, 4,487 new listings

“With fewer listings and more motivated buyers entering the market, we may see more competition in the coming months if the supply remains tight,” said Claudio Castro, managing broker at Zoocasa, a full-service brokerage that offers advanced online search tools to empower Canadians.

Halton Region continues to be one of the most expensive GTA markets with an average price of $1,231,803, down two per cent, month-over-month and second only to York Region.

Prices in the region have remained above even that of Toronto for two consecutive months. Of the 1,204 new listings on market in September, 557 sold with an average of 37 property days on market. Detached homes are still the most in-demand property in the region.

In its report, TRREB mentions that the number of new homes in the GTA has increased significantly in the past 20 years, but the supply is not keeping up with the demand. With fewer people selling, the market conditions continue to tighten with a potential swing back to sellers’ conditions which marked most of the pandemic.

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