November 2024 Market Report
Milton, ON, December 9, 2024 – According to figures released December 9 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® increased 24.6 percent for Single Family homes and 28.7 percent for Townhouse/Condo homes compared toNovember 2023. Median Sales Price increased 5.5 percent to $1,371,250 for Single Family homes but decreased 0.5 percent to $790,000 for Townhouse/Condo homes.
The total number of new property listings increased 4.6 percent for Single Family homes but decreased 8.9 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 16.1 percent for Single Family homes and 44.0 percent for Townhouse/Condo homes this November. Year overyear, Inventory decreased 1.0 percent for Single Family homes but increased 22.4 percent for Townhouse/Condo homes.
“The Halton Region saw home sales increase again in November, a recurring trend that is indicative of renewed buyer confidence. We expect this trend to continue throughout the remainder of the year and into 2025 as the Bank of Canada makes more expected rate cuts,” says OMDREB President Ken Mazurek.
“It is encouraging to see average home prices remain steady despite the challenges posed by restrictive lending rates over the past year. Many prospective home buyers are starting to re-enter the market following several cuts to the Bank of Canada’s key lending rate and new mortgage rules aimed at increasing affordability. This increase in purchasing power coupled with ample inventory, will set the stage for a strong finish in 2024 and increased market activity in early 2025. OMDREB will continue to make our advocacy efforts with government leaders at all levels a top priority to ensure affordability in the Halton Region remains front and centre for policy-makers next year,” continues Mazurek.
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.”
Full report is below.
