The Oakville, Milton and District Real Estate Board
According to figures released February 5, 2020, by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in January compared to the same period in 2019. Monthly property sales went up by 24, totalling 449 compared to 425 in January 2019.
The total number of new property listings saw a significant drop of 135 this year: 740 new listings in January 2020 compared to 875 in 2019.
“The real estate market continues to be driven by an excessive shortage of needed listings with reports of market segments returning to the days of multiple offers. The $500K to $1M segment in all of Halton is in great demand,” says OMDREB President Richard Weima.
“Mortgage stress test rates have dropped slightly for the first time in 3 years. Additionally, the mortgage stress test has driven more buyers to consider riskier private lending, with the slowest growth in 25 years for more traditional mortgage lending avenues,” Weima explains.
“All things considered, with the current buyer and tenant demand there has seldom been a better time for selling, investing, or having a look at re-evaluating your real estate goals. While current conditions show selling in certain segments can be profitable, as long as you have a plan for where you’ll live, you should buy or rent or what real estate you will be able to move into comfortably.”
— Source: The Oakville, Milton and District Real Estate Board
……………………..
Toronto Regional Real Estate Board
TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 percent compared to January 2019. Sales were up by 4.8 percent compared to December 2019.
“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said Mr. Collins.
— Source: Toronto Regional Real Estate Board
Realtors Association of Hamilton – Burlington
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 692 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in January 2020. Sales are up 5 percent over the same month last year and up 18.3 percent over December 2019. The average price for residential properties increased by 11.9 percent from January 2019 to $617,496.
“Our market area experienced a reduction in activity and average price in December, as is the case for that typically slower month; however, we bounced back in January,” says RAHB President Kathy Della-Nebbia. “Buyers seem to be coming out early, so sellers shouldn’t feel the need to wait for the spring market to get a great value for their property. We expect the spring market will be strong with more competition between sellers, as many wait for the flowers to bloom to market their homes.”
— Source: Realtors Association of Hamilton – Burlington
……………………..
Have questions about the Real Estate Market?
Feel free to call or email us.
We are happy to answer any questions you may have.
THE 905 REAL ESTATE GUYS
info@905realestateguys.com
Sean Kavanagh 905.220.9198
Leo Manchisi 905.334.9650