House sales dropped $210,000 in Oakville during June, steady in Burlington, Milton

Home sales were slower in June across Halton, but nowhere more than Oakville.

Prices remained mostly steady in Burlington, Milton and Halton Hills according to the Toronto Regional Real Estate Board, but the median price of a sale in Oakville was down more than $210,000 compared to the rest of 2024.

“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines,” said Board president Jennifer Pearce.

“This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount.”

Across the GTA, there were 6,213 home sales in June, a 16.4 per cent decline compared to 7,429 sales reported in June, 2023.

Here are the June numbers in Halton:

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Burlington

• June 2024 – 203 sales, median price $998,000
• Year-to-date 2024 – 1335 sales, median price $998,000

Halton Hills

• June 2024 – 71 sales, median price $999,999
• Year-to-date 2024 – 399 sales, median price $970,000

Milton

• June 2024 – 162 sales, median price $1,041,000
• Year-to-date 2024 – 902 sales, median price $1,075,878

Oakville

• June 2024 – 223 sales, median price $1,325,000
• Year-to-date 2024 – 1,398 sales, median price $1,535,969

“Despite a temporary dip in home sales due to high interest rates, we know that strong population growth is driving long-term demand for ownership and rental housing,” said Board CEO John DiMichele.

“Ontario has set the goal of 1.5 million more homes on the ground by 2031. This is only possible if all levels of government ensure actionable solutions with sustained effort, including continuing to remove red tape, avoiding financial barriers to home construction, and minimizing housing taxes and development charges.”