May 2024 Market Report
June 7, 2024
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Milton, ON, June 6, 2024 – According to figures released June 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 12.3 percent for Single Family homes and 32.4 percent for Townhouse/Condo homes compared to May 2024.Median Sales Price decreased 2.5 percent to $1,462,500 for Single Family
homes and 12.9 percent to $757,450 for Townhouse/Condo homes. The total number of new property listings increased 20.9 percent for Single Family homes and 28.2 percent for Townhouse/Condo homes compared tothis time last year.
For homes processed through the OMDREB MLS® system, the number of Days on Market increased 63.6 percent for Single Family homes and 10.0 percent for Townhouse/Condo homes this May.
Year over year, Inventory increased 68.2 percent for Single Family homes and 126.7 percent for Townhouse/Condo homes.
“Encouraging market trends across Halton continued through the month of May, highlighting significant increases in new listings, and year-over-year average prices holding steady. Coupled with the Bank of Canada cutting its key interest rate to 4.75%, all signs are pointing to better situations for buyers with respect to negotiating power on prices, and choice of market inventory. This should help edge housing affordability in the right direction, which is expected to improve further as borrowing costs are lowered,” says OMDREB President Anthony Danko.
“OMDREB applauds the work that the municipal, provincial, and federal governments have done of late to address housing challenges throughout the Region, but we note that more work needs to be done. As commitments to increasing supply are made, other elements such as proper infrastructure to accommodate it, must also be top of mind. We remain committed to working with all levels of government to ensure the voices of homeowners are heard,” 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.”
About The Oakville, Milton and District Real Estate Board (OMDREB)
The Oakville, Milton and District Real Estate Board represents 2,000 REALTORS® who serve the communitiesof Oakville, Milton, Halton Hills and the surrounding areas. OMDREB serves its members through a variety of support and services, including professional development, technology and advocacy.
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