Real estate market continues to cool as home prices drop in Burlington, Milton, Oakville
Published August 4, 2022 at 11:22 am
The price of buying a home in Burlington, Milton, Oakville and Halton Hills continued to drop in July.
According to today’s Toronto Regional Real Estate Board report, the number of sales, average price and median price are all down when compared to year-to-date figures.
“The Greater Toronto Area population continues to grow and tight labour market conditions will drive this growth moving forward,” said TRREB Chief Market Analyst Jason Mercer.
“Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth. TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again.”
In Oakville in July, there were 162 home sales at an average of $1.52M, down from $1.67M year to date.
In Burlington in July, there were 177 home sales at an average of $1.13M, down from $1.28M year to date.
In Milton in July, there were 114 home sales at an average of $1.08M, down from $1.23M year to date.
In Halton Hills in July, there were 57 home sales, at an average of a$1.19M, down from $1.33M, year to date.
TRREB is also calling on all levels of government to reassess and clarify policies related to mortgage lending and housing development.
“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals,” said TRREB president Kevin Crigger.
“The federal government has a responsibility to not only maintain confidence in the financial system, but also to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs. Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored,”insauga's Editorial Standards and Policies advertising