'RESURGENCE': House prices rising in Oakville and Burlington along with home sales and new listings in both municipalities, according to new real estate report
Sold sign.
Housing market trends in Oakville and Burlington are taking a different turn as we head into spring, with prices, sales and new listing increasing.
These are some of the highlights in the Toronto Region Real Estate Board's (TRREB) February report, which shows both municipalities are trending in similar directions, which is a different outlook than previous reports.
House prices overall are up in both Oakville and Burlington, the report shows.
In Oakville, the average sale price of a home in February was $1,575,436, up from $1,451,707 in January (an eight per cent increase).
In Burlington meanwhile, house prices went up 14 per cent, from $969,008 in January to an average selling price of $1,117,004 last month.
Home sales also shot back up in both municipalities, with Oakville seeing 214 sales last month compared to just 150 in January. There's a similar trend in Burlington, with 203 sales in February compared with 144 sales in January, according to the TRREB report.
New listings also saw a big increase, with 334 in Burlington compared to 253 in January. In Oakville, there were 489 new listings last month compared to 293 in January.
Overall, GTA home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier, TRREB said.
Population growth and a resilient regional economy continued to support the overall demand for housing, with higher borrowing costs keeping home sales below the February sales record reached in 2021, the report states.
“We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates," said TRREB president Jennifer Pearce.
"Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said Pearce.
Realtors reported 5,607 GTA home sales through TRREB’s MLS System in February 2024 – an increase of 17.9 per cent compared to February 2023. Even after accounting for the leap year effect, sales were up by 12.3 per cent year-over-year, TRREB said in a release.
New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers, TRREB said.
“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing," said TRREB Chief Market Analyst Jason Mercer.
"First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said Mercer.
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