Housing sales slowed, prices dropped in August for Oakville, Milton, Burlington

Housing prices continued to drop in Halton in August, nowhere more than in Oakville.

According to a report released today by the Toronto Regional Real Estate Board, the median sales price of a home in Oakville in August was $1.2M, down $125,000 from the year-to-date median sales price of $1.325M.

The drops were less drastic across the rest of Halton. In Halton Hills median sales price was down $54,500, to $922,000. In Milton it was down $18,400, to $1M. Burlington actually bucked the trend, seeing a slight bump of $361, to $997,500.

The president of the real estate board expects affordability to continue to trend in favour of homebuyers.

“The Bank of Canada’s rate cut announced yesterday (Sept. 4) will lead to a further improvement in affordability, especially for those using variable rate mortgages,” said Jennifer Pearce.

“First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,”

Across the GTA there were 4,975 home sales in August, down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings were up by 1.5 per cent.

“Today’s elevated listing inventory will ultimately recede. We need to maintain a sustained focus on boosting home construction, especially as it relates to producing the right mix of home types to meet consumers’ needs,” said the Board’s CEO John DiMichele.

“This new housing also has to be affordable. Municipalities can help by reducing development charges, which are ultimately passed on to home buyers. If people can’t find affordable housing in the GTA or surrounding Greater Golden Horseshoe, they will move elsewhere, and not necessarily to other parts of Ontario or Canada. Housing is a key driver of our region’s economic development.”