It’s getting a bit easier to buy a house in Oakville (but not Burlington): Report

Homes in Oakville–and the Halton Region overall–are not generally considered affordable (with some exceptions), but a new report suggests that the Oakville market is less of a sellers’ market now than it was previously. 

That said, nearby Burlington continues to favour sellers over buyers. 

According to a recent report released by real estate website and brokerage Zoocasa, changes in Canada’s real estate market–namely, several interest rate hikes initiated by the Bank of Canada–have caused some markets to shift from favouring sellers to providing more options for buyers. 

In recent months, markets that have become more balanced include Oakville, Oshawa, Mississauga and Toronto. 

Other Halton markets, such as Milton and Halton Hills, also fall in the balanced range, while Burlington still favours sellers over buyers. 

To create the report, Zoocasa analyzed 34 cities and regions in Ontario by comparing July sales and new listing data for each city. This data was then used to determine the sales-to-new-listings ratio (SNLR) for the month, calculated by dividing the total sales by the number of new listings in each region. 

According to the report, an SNLR under 40 per cent suggests a buyers’ market, an SNLR between 40 per cent and 60 per cent represents a balanced market and an SNLR of 60 per cent or higher connotes a sellers’ market. 

In Oakville, the average home price hit $1,528,833 in July 2023. The market is currently in balanced territory with an SNLR of 52 per cent. In July 2022, the SNLR sat at 60 per cent–sellers’ market territory. 

While the average home price in the town was actually a little lower in July 2022 ($1,524,237), prices have declined month-over-month. In June 2023, the average price (all home types combined) was $1,568,200. 

In Burlington, buyers are worse off than sellers. 

The average home price hit $1,166,119 in July and the SNLR currently sits at 60 per cent. In July 2022, it was tilted toward sellers, with an SNLR of 64 per cent. In July 2022, the average house price sat at $1,135,359. In June 2023, it hit $1,178,036. 

The markets are considered balanced in both Milton (59 per cent) and Halton Hills (53 per cent). In Milton, the average price sits at $1,079,477; in Halton Hills, the average home price is $1,107,091. 

In July 2022, the average home price in Milton was $1,082,214; in Halton Hills, it was $1,193,089.

According to the report, Niagara is the only buyers’ market.

The report says that 23 of the analyzed markets sit in a balanced state, meaning that despite tight inventory, demand and supply are more in balance. The report says the numbers don’t account for sideline buyers who aren’t sure whether now is a good time to jump into the market.

“Many other markets have shown declines from favouring sellers to a more balanced state. Oakville, Newmarket, Toronto, Mississauga, Pickering and Oshawa have all shifted into balanced territory from last year,” the report reads. 

“In each of these GTA markets except Mississauga, prices have also declined in the last month. The recent interest rate hikes have cooled the market somewhat, leading to the decline in SNLR in each.”