Cold housing market meant fewer sales last month in Oakville, Burlington, Milton

There was a huge drop in home sales in Burlington, Milton, Oakville and Halton Hills in July, but that didn’t result in lower prices.

According to the latest report from the Toronto Regional Real Estate Board, Halton’s real estate market was notably chilled in July, with large drops in sales and new listings.

Overall sales decreased by 17.6 per cent month-over-month, with 543 homes sold, while new listings fell by 11.8 per cent, month-over-month.

“The average sales price stayed fairly consistent, though, decreasing by just 0.5 per cent, to $1,246,352,” said a spokesperson for Zoocasa, an online real estate company.

“With the average property days on market high at 36 days, buyers can still take their time to explore options and negotiate favourable terms, while sellers may need to be patient.”

Sales decreased the least in Burlington and Oakville, with month-over-month drops of 13.8 per cent and 17.5 per cent, respectively. Despite this slowdown, the average price in Oakville dipped only slightly, by 0.3 per cent to $1,477,883. The sharp 17.72 per cent decline in new listings might be propping up prices, even as active listings remained static at 971.

Oakville properties are lingering on the market longer than those in other parts of the Halton Region, with the average listing time extending to 43 days in July.

As for Burlington, the average price dropped more noticeably, by 3.3 per cent, to $1,126,610, and new listings decreased by 8.9 per cent.

Halton Hills and Milton experienced steeper declines in sales from June compared to Burlington and Oakville, with Milton sales dropping by 20.4 per cent and Halton Hills sales dropping by 22.5 per cent.

However, unlike the other muncipalties in Halton, the average price in Halton Hills increased by 6.9 per cent to $1,219,348, suggesting strong demand for high-end properties.

Homes in Milton are selling the fastest in Halton Region, with listing days on market at 34 days, likely due to the city’s relative affordability.

“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” said TRREB’s chief market analyst Jason Mercer.

“This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.”