Halton’s Average Home Price Soars Past $800,000
Photo: Flickr / Missi
It has been a good year for those living in the Halton region, which has seen explosive growth when it comes to home prices and sales volume. According to a survey undertaken by a local realty firm combined with data provided by the Toronto Real Estate Board, the average growth rate for home prices in the region has been a massive 20 percent compared to last year, placing the average property value at over $800,000. Stellar market performance happened in various places all over the region, with the high rates of growth occurring in the cities of Oakville – with an average home price of over a million dollars, as well as Burlington and Milton. Respectively, these cities have seen their growth rates jump by over 21 percent, nearly 17 percent, and over 18 percent in regards to prices, compared to last year.
While this is great news for those owning property in the region, other industry analysts are expressing some level of concern when it comes to determining whether current price trends are actually realistic when it comes to looking at whether such current patterns are sustainable. According to a local analyst, the current favourite when it comes to long-term trends is Burlington, which is poised to emulate Oakville when it comes to not only prices trends but also sales volume. The only lower-than-expected performer in the region has been Halton Hills, but its contraction in sales volume has been linked to a lack of supply rather than a lack of demand.
When compared to the same period last year, home sales volume in Oakville has actually decreased by a small margin. At the same time, however, prices have actually increased, signalling that the lack of available supply coupled with high demand has been the reason behind current price trends. The statistics back this hypothesis: last year in July, the median sale price in Oakville was $935,000 in 2017, while this year, this price actually rose by more than eight percent to over 1.14 million dollars.
Local analysts suggest that current trends in the region will continue, and will only be affected by changing interest rates. Given that the Canadian central bank has recently increased its benchmark interest rate by a quarter of a percent to 0.75, one can only look to the future to see if this small increase will actually have a significant effect on current sales trends in Halton.
Published Date: Sep 29 2017