Condo prices on the rise in Oakville, Burlington, Milton while falling across GTA

Bucking the GTA-wide trend of falling value of condos, prices actually rose in Oakville, Burlington, Milton and Halton Hills.

A report from the Toronto Region Real Estate Board broke down the average sales prices of condominium units in the third quarter of this year compared to the same three months in 2023.

Of the five areas, Halton, Peel, Toronto, York, and Durham, the average price dropped in four of them. It rose, however, in Halton.

From July to September this year, the average selling price of a condo in Halton, based on 258 sales, was $732,669. Last year, on 266 sales, it was $717,614.

Overall, there were 4,204 sales reported by the board, with an average selling price of $692,672. Last year, there were 4.399 sales at an average price of $716,479.

“While condo sales remained low in the third quarter, market conditions are expected to improve,” said board president Jennifer Pearce..

“As the positive impact of interest rate cuts continues to grow, a growing number of renters will likely make the move into home ownership. Many of these households can initially start to take advantage of lower borrowing costs and lower home prices, thereby making their monthly payments more affordable.”

The highest average sales price for condos in Halton was in Oakville, with 109 sales at $791,547. In Burlington, there were 106 sales at $721,114. Milton saw 37 sales at $613,943 and Halton Hills had six condos sell, at an average price of $599,317.

“As condo market conditions start to improve in the months ahead, we will start absorbing the large standing inventory of listings that built up over the past year,” said Jason Mercer, the board’s chief market analyst.

“Ultimately this will lead to tightening market conditions and renewed price growth, but this will become more of a story as we move through 2025.”