Homes in Oakville and Milton are selling faster and for more money, according to a recently-released real estate report.
According to the August GTA market statistics from the Toronto Region Real Estate Board (TRREB), homes in Oakville are now on average among the most expensive in the GTA.
Of the 407 homes sold in Oakville in August, the average price was $1,276,341. By comparison, Toronto’s average home sale price last month was $1,012,506 while in Richmond Hill, it was $1,201,627.
“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs,” TRREB President Lisa Patel said. “In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring.”
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According to figures released by The Oakville, Milton and District Real Estate Board (OMDREB), there were 173 single-family home sales in July, compared to 140 in July 2019.
There were also 116 townhouse/condo sales in Oakville in July, compared with 93 in July of last year.
“It is apparent the demand for ‘a place to call home’ has been the driving force in Halton real estate during a time that typically shows a lull in activity,” said OMDREB president Richard Weima. “Ontario’s move to Stage 3 has untethered the ability to hold in-person showings, which points to consumers being able to regain confidence in buying and selling real estate.”
In Milton, there were 74 single-family home sales in July, up 14 from the 60 in July 2019. It was a similar trend for townhouses and condos with 61 sales in July compared with 54 in July 2019.
“Mortgage rates have not been this low in decades for buyers, so it comes as no surprise that activity and home values have risen so strongly. Because of this, our governments really need to understand why housing has grown to be so out of reach for many consumer segments,” Weima said. “All levels of government are driving costs up for housing with regulatory restrictions and the numerous taxes and fees associated. REALTORS® continue to urge greater attention paid to reduce red tape for increased building opportunities, as well as providing consumers with improved housing options to meet this challenge,” continues Weima.
The Canadian Mortgage and Housing Corporation says the Canadian government has a number of programs available to support homebuyers.
