Home sales down but prices still high in Halton

Fewer homes changed hands last month in the red-hot 905 housing markets, but prices are still high and competition is still fierce. 

The latest data released by the Toronto Regional Real Estate Board (TRREB) show that while housing sales dipped a bit in Halton (Oakville, Burlington, Milton and Halton Hills) last month, the average home price in the region rose 23 per cent year-over-year hit to $1,171,937. 

TRREB said that even though the overall GTA housing market was a bit cooler last month than it was in July 2020, almost 9,400 sales were reported and demand for ownership housing remained well-above average for the time of year. 

According to TRREB, sellers are still favoured over buyers and lower-priced home types–such as condos and townhouses–are attracting more interest. 

“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth,” said TRREB President Kevin Crigger in a statement.

“Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place,” 

According to TRREB, GTA realtors reported 9,390 sales last month–down 14.9 per cent compared to July 2020 (when 11,033 homes changed hands).

July sales were down by two per cent compared to June.

Prices, however, are up year-over-year. 

As far as Halton is concerned, 925 homes in the region changed hands last month, marking a 23 per cent decrease from July 2020.

Zoocasa said the average price rose 23 per cent to $1,171,937, while 1,073 new listings came to market. 

The region continues to favour sellers over buyers. 

According to Zoocasa, 472 detached houses sold–down 29 per cent year-over-year, at an average price of $1,517,449 (up 24 per cent from July 2020). There were 65 semi-detached sales, up 23 per cent at an average price of $987,002 (also up 23 per cent).

Townhouse sales totalled 94 (down 10 per cent from last year) at an average price of $736,161 (up 16 per cent), while condo sales totalled 125 (down 12 per cent) at an average price of $602,195 (up 10 per cent).

According to TRREB, the average price for all home types combined in the GTA was $1,062,256–up 12.6 per cent compared to July 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto. 

On a seasonally adjusted basis, the average price was up by 0.9 per cent compared to June.

“The annual rate of price growth has moderated since the early spring, but has remained in the double digits,” said TRREB Chief Market Analyst Jason Mercer in a statement.

“This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022.”