August 2020 Market Intelligence

High Demand & Limited Supply!

The pent up demand from the covid-19 shutdown is continuing to fuel the strongest real estate market we’ve seen since 2016/2017. With people not spending money on travel and unsure when they will be ready to do so again, their focus has shifted to where we all seem to be spending more time than ever, our homes. Lumber yards are literally out of stock of pressure treated pine because of all the renovations that are being done, so if people aren’t moving they are renovating (although its been my experience that people tend to move even after a renovation). There continues to be incredibly low supply of properties all over Halton, even though it seems like the south end of Milton, and the north ends of Oakville and Burlington are in a constant state of construction, The only government intervention that I have ever seen in my 8 years as a realtor have been measures taken to cool the demand, rather than anything that could increase supply (because of the Places to Grow Act), and I don’t think it will ever change.

Oakville

Oakville had super strong volume selling 387 units (haven’t seen that since March 2017) with an average price of $1,222,137 which was a 2% drop from June’s $1,249,685. With less than 1.7 months of inventory I’m expecting prices to climb in most price ranges.

Burlington

Burlington sold 365 units which is a record high, with an average sales price of $907,061, which also another record high. These numbers are no surprise given the ultra low inventory level of 0.9 months of inventory. It would take less than one month to sell every single property that is for sale in Burlington today. Some people sometimes confuse days on market with months of inventory. Days on market is a less interesting number as it’s directly dependant on Month’s of inventory.

Milton

Milton, just like Burlington is still red hot, selling 299 units for a record high $842,744 average sale price and only 0.8 months of inventory. Lots of fun to sell, pretty tough to buy.