Real estate expert says Milton homebuyers paying 17 per cent over asking price

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Published February 25, 2022 at 11:35 am

A real estate expert recently told insauga that homebuyers in Milton are currently paying roughly 17 per cent over the asking prices.

Last year, due to competitive pricing throughout the pandemic, more prospective homebuyers were forced to turn away from increasingly high prices of detached homes in the Greater Toronto Area (GTA) and this year so far is proving no different.

Recently, we’ve seen houses in Milton being sold for hundreds of thousands over asking, including a house that sold in the Scott neighbourhood for more than $400,000 over asking.

While many people are hoping for a change in the market this summer, several real estate experts believe that competitive pricing could continue to wreak havoc on prospective homeowners in Milton based on what has been seen so far.

“On average, Milton buyers are paying about 17 per cent over the asking price. That’s a sharp contrast to last summer when the sale-to-list-price ratio was just 0.07 per cent. Milton is definitely in a seller’s market, much like the rest of the GTA,” said Cyrus Ghazvini, realtor at Strata.ca.

In terms of condos, Ghazvini noted that homebuyers are paying just under $860 per square foot for a condo in Milton.

“That’s a 32 per cent jump compared to the same time last year,” said Ghazvini.

Ghazvini also noted that condo inventory in Milton has been on a downward trend since last May, but confirmed that there has been an increase in listings this past month.

“There’s been a slight uptick in listings with 47 properties hitting the market in February, compared to just 29 the month prior,” he concluded.

According to Strata.ca, while overall condo values have increased by 16 per cent over the past 12 months, condos still remain the more affordable option for prospective homebuyers despite low inventory.

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