December 2019 Market Intelligence

The Markets in Oakville, Burlington & Milton Continue to be on Fire!Oakville

The unwavering demand for real estate in the Greater Toronto Area and the Halton region continues into the winter months with strong gains in the number of sales and the average sale prices, particularly in the lower price ranges ($0-$1,500,000). In Oakville we had a 26% increase in volume (the number of houses sold) compared to November 2018, with a 3.4% increase in the average sale price. The average days on market was 29 days, and the months of inventory was 2.5 (it would take 2.5 months to sell available property on the market). With the interest rates staying low and possibly getting lower, I anticipate that this strong market will continue, based on a steady stream of immigration into the GTA (100,000 every year, with money) and an additional 50,000 millennials buying properties for the first time every year (Based on a Ryerson study), and interest rates staying quite low.

There is also some new legislation on the way as it pertains to Realtors. At the moment its referred to as Bill 145, also known as the Trust in Real Estate Act which is designed to mandate a higher level of education for Realtors, better disclosures, tougher consumer protection. One of the more interesting features of this bill is to allow Sellers the choice of disclosing the contents (such as price) to all the buyers who might be bidding on the same property. Bill 145 also proposes to allow Realtors to incorporate in Ontario (not allowed currently).

BurlingtonBurlington’s real estate market has been exceptionally strong over the last couple of years and November 2019 was further proof of that with sales volume increasing by 16% over November 2018 and the average sales price increasing by 7%. 

Milton
Saving the best for last, Milton has been nothing short of amazing, with increased volume of 30% and increased average sale price of 14% over 2018 we are in an undeniable seller’s market in Milton very similar to the crazy days of 2016/2017 with 0.9 months of supply and 20 days on the market.