More homes sold during May but average price dropped in Burlington, Oakville, Milton

Although home sales were up in May in Oakville, Milton, Burlington and Halton Hills, the average price dropped, bucking the trend across the GTA.

According to online real estate company Zoocasa, May 2023 proved to be one of the strongest sales months the Greater Toronto Area has seen in a long time. Home sales were up on both a monthly and annual basis for the first time since 2021’s record-breaking year.

The Toronto Regional Real Estate Board reported that 9,012 homes traded hands in May, a month-over-month increase of 19.7 per cent and a year-over-year increase of 24.7 per cent.

All property types saw significant sales growth, but semi-detached and townhouse properties took center stage. Semi-detached sales were up 24.9 per cent and townhouse sales were equally as impressive, increasing by 24 per cent from April 2023.

Halton Region was the second most expensive region in May, behind only York Region. However, the average price in the region across all property types actually decreased slightly to $1,289,479, down 1.26 per cent from April.

Even though prices have come down slightly, demand has increased and the number of sales hit 954, an increase of 17 per cent month-over-month. The number of newly listed properties also increased to 1,457, trading hands in an average of 19 days, five days less than in April.

The majority of sales were 455 detached properties, 166 of which were in Oakville, 144 in Burlington, 83 in Milton and 62 in Halton Hills.

At an average price of $1,658,741, Halton Region is the second most expensive region for detached homes, behind only the City of Toronto. The price increased by almost 29 per cent from April.

In previous months, townhouses were the second most in demand, but in May, condo apartments took the lead, with 179 sales. The increasing demand for the more affordable property type likely explains why the average price across all property types has dripped slightly month-over-month.

There were 179 sales of condo apartments, the majority of which were in Burlington with 86 trading hands, 66 in Oakville, 23 in Milton and just our in Halton Hills. The average price of a condo apartment in the region in May was $734,889, an increase of eight per cent from April.

Zoocasa is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.