October 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
Affordability challenges and market uncertainties, compounded by increased interest rates, resulted in maintaining sales figures at a consistent level in October compared to the previous month. This trend indicates a roughly 5% decrease in sales compared to the same period last year, amounting to just over 4,600 sales.
The housing market in the Greater Toronto Area (GTA) remains balanced, with an approximate inventory of 4 months for all home types. The average sale price has observed a modest increase of about 3% from the previous year, now standing at $1,125,000. In Milton, the average sale price stands at $1,036,000, with slightly over 100 sales recorded last month. Milton also reflects a housing inventory of approximately 4 months.
Moving to other parts of the Halton region, the average sale prices are notably higher. Burlington boasts an average price of $1,140,000 while Oakville’s average hovers close to $1.4 million. These higher averages are largely influenced by the luxury real estate market prevalent in these areas.
If you have any inquiries regarding the market or your specific property, please do not hesitate to contact us at any time. We are here to assist you.
By: Jeannie Oropesa
Milton Real Estate Market
The average price in Milton $1,036,226
Burlington Real Estate Market
The average price in Burlington $1,140,816
Oakville Real Estate Market
The average price in Oakville $1,395,752
