September Market Update

By: Marilyn Palmer

September Market Update

Tags: homes, condominiums, home prices, Toronto, GTA, Burlington, Oakville, Milton, buyer, seller, real estate

Welcome to your September Market Results.  The demand is stil overwhelming the supply.  First-time buyers are having a difficult time finding a home in today's market.  Check out the stories below for your area:



G.T.A MARKET UPDATE



"Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by 1/3 compared to last year, purchasing a home for many is easier said than done. The lack of housing supply has reached a critical juncture." said Kevin Crigger, TRREB President.

"Price growth in September continued to be driven by the low-rise market segments, including detached and semi-detached houses and townhouses.  However, competition between buyers for the condo apartments has picked up markedly over the past year, which has led to an acceleration in price browth over the past few months as first-time buyers re-entered the ownership market.  Look for this trend to continue." said Jason Mercer, TRREB Chief Market Analyst.

The average selling home price for all home types combined was up by 18.3% year-over-year to $1,136,280.00.

BURLINGTON SEPTEMBER UPDATE

RAHB (Realtors® Association of Hamilton-Burlington) reported a 28% decrease in the number of sales in September on a year-over-year basis in Burlington.  However, the number of new listing saw a decrease  of 40%.

"The demand remains strong and the supply remains low.  Overall, we need more supply on the market to meet the demands of buyers and investors. There's nothing on the horizon to indicate that October will be any different." said Bacher, President of RAHB.

The Average Selling Price for Burlington increased by 18% to $106,685.00.  For your full Burlington report, please click here.

OAKVILLE & MILTON MARKET UPDATE

According to figures released by OMDREB the number of all property sales decreased in September and the number of new listings also saw a decrease.  In Oakville, the average Selling Home Price increased by 5.3% to $1,969,638,00.  The condo/townhouse segment in  Oakville increased by 15.8% to $975,154. In Milton - 16.3% to $1,259,457 and 21.6% to $849,262, respectively.

"The number of properties listed for sale in Oakville, Milton and Halton Hills has dropped by 1/4, which ultimately means that first-time buyers or those who require affordable housing continue to be pushed out of the market. This is painful to see. OMDREB has been actively advocating on their behalf because something must be done, " says OMDBREB President Lynn Hoffman.

For your full report on the the September Market for Oakville and  Milton click here.