August 2024 Market Report

Milton, ON, August 6, 2024 – According to figures released August 8 by The Oakville, Milton and District RealEstate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 6.9 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes compared to July 2023.Median Sales Price decreased 2.9 percent to $1,358,750 for Single Family homes and 6.6 percent to $803,514 for Townhouse/Condo homes. The total number of new property listings increased 13.3 percent for Single Family homes and 26.7 percent for Townhouse/Condo homes compared to this time last year. 

For homes processed through the OMDREB MLS® system, the number of Days on Market increased 41.2 percent for Single Family homes and 42.9 percent for Townhouse/Condo homes this July.

Year over year, Inventory increased 56.0 percent for Single Family homes and 89.5 percent for Townhouse/Condo homes.

“As monthly trends continue to emerge in favour of a more well-rounded housing market, the Halton Region is seeing steady average prices and ample inventory. Couple this with the Bank of Canada’s interest rate cut on September 4, and we should begin to see previously sidelined buyers slowly enter the market,” says OMDREB President Anthony Danko.

“However, it is important to remember that as favourable market conditions begin to spark sales, so too will inventory start to diminish. As borrowing rates decline and average price growth remains moderate, a new wave of homes must be available for purchase that are both affordable and able to accommodate a variety of living situations. We continue to advocate for this at all levels of government,” continues Danko.

He adds, “When consumers are ready to buy or sell their home, making an informed choice by using an OMDREB REALTOR® should be a priority.”

Click here for the full Report.