Plenty of condo deals available recently in Burlington, Oakville, Milton

For homebuyers looking to get into the condo market, the second quarter of this year has seen some great bargains in Burlington, Oakville, Milton and Halton Hills compared to the same time last year.

According to numbers from the Toronto and Region Real Estate Board, as borrowing costs remained high in Q2 2024, condominium apartment sales were down noticeably in comparison to Q2 2023.

However, over the same period, condo apartment listings were up substantially.

The average condo apartment selling price was down slightly year-over-year. Condo apartment sales amounted to 5,474 in Q2 2024 – down 19.8 per cent compared to 6,824 sales in Q2 2023.

Conversely, new listings were up by 36.5 per cent year-over-year to 16,917. Growth in listings is outstripping sales, which means standing inventory, as measured by active listings at quarter-end, remains elevated.

“The condo market is very sensitive to interest rates, given that this segment is a traditional entry point into home ownership,” said TRREB President Jennifer Pearce.

“With monthly payments remaining high and average rents edging lower over the past year, many would-be buyers remain on the sidelines. However, over the next year, an improving affordability picture will see a growing number of first-time buyers enter the condo market.”

Across Halton, there were 367 condo apartment sales in Q2 of this year, with an average price of $667,549. Both figures are down from Q2 2023, which saw 424 sales at an average price of $713,015. Compared to Peel, Toronto, York and Durham, Halton saw the biggest decline in average sales price during the period.

Here are the second quarter of this year sales numbers by Halton municipality:

• In Burlington there were 162 sales at a median price of $605,000
• In Halton Hills there were 10 sales at a median price of $587,250
• In Milton there were 79 sales at a median price of $625,000
• In Oakville there were 162 sales at a median price of $652,000

“Despite a much better supplied condo market over the past year, selling prices have remained relatively flat,” said TRREB Chief Market Analyst Jason Mercer.

“This suggests sellers are holding relatively firm on their listing prices. This may be in anticipation of improved market conditions as borrowing costs continue to trend lower this year and next.”