Over this past year, Toronto has seen record-breaking sales and incredible price growth. A similar trend has been observed in Oakville-Milton over the past year.
Despite its close proximity to Toronto, this market in southwest Ontario is experiencing double- and triple-digit growth, even after the Coronavirus pandemic.
In Oakville, the average residential property price reached $1,994,612. Both townhomes and condominiums sold for an average price of $994,391. With Milton’s impressive home sale prices reaching $1,469,817 and averaging $789,930 for townhomes and condominiums, it has enjoyed even more success.
Despite the fact that Oakville and Milton’s real estate markets are still struggling, there have been improvements, and relief may be just around the corner.
In Oakville-Milton the housing market is creating a big-city feeling for homebuyers who have left urban areas in search of more square footage. Bidding wars, home inspection waivers, and low interest rates have led to inflated prices. These are characteristics of a hot housing market such as you’d find in major cities like Toronto, Vancouver, Ottawa, or Montreal. What about small towns and suburbs? In the near future, this could be the new normal in the Canadian real estate market.