Housing market continues to cool in Oakville, Milton, Burlington, Halton Hills

By

Published September 2, 2022 at 11:51 am

The housing market in Burlington, Oakville, Milton and Halton Hills continued to stay cool in August according to the monthly report from the Toronto Region Real Estate Board (TRREB).

Overall in the region, there were 589 sales with an average sale price of $1.21M. This is down from the year to date average sales price of $1.38M.

“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs,” said TRREB President Kevin Crigger.

“There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.”

Here are the statistics for each of the municipalities in Halton:

  • Burlington: In August, 211 sales, $1.07M avg price, YTD avg. price $1.26M
  • Halton Hills: In August, 58 sales, $1.15M avg. price, YTD avg. price $1.31M
  • Milton: In August, 153 sales, $1M avg. price, YTD avg. price $1.2M
  • Oakville: In August, 167 sales, $1.58M avg. price, YTD avg. price $1.67M

“There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe,” said TRREB chief Market Analyst Jason Mercer.

“The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. TRREB looks forward to hearing initiatives from candidates vying for office in the upcoming municipal elections.”

Visit here for the full TRREB report.

insauga's Editorial Standards and Policies advertising
advertising