A recent report has suggested Milton may not be the best location to buy real estate due to exorbitant prices and slower year-over-year growth. 

According to a study by MoneySense and real estate search platform Zoocasa, the average home price in Oakville-Milton reached $1,401,042 in 2022, 76% higher than the national average. Additionally, the Town has experienced a 51% price increase over the previous three years, but the year-over-year growth appears to be slowing. Milton has seen 10% growth in the last year, and homes in the area are, on average, $608,184 higher than the national average.

“Prices are too high in Milton. I prefer buying a caboose to buying real estate in the Town. One can use it for recreation as well. Restricted movement in the caboose keeps us focused,” said Milton resident George Paul. He also referred to this report and showed no interest in buying his home.

The region ranks last on a list of 45 Canadian areas according to their attractiveness for real estate purchases, below other Ontario municipalities such as Sault Ste: Marie, North Bay, the Niagara Region, Hamilton-Burlington, and Ottawa. Zoocasa’s ranking considers factors such as average home prices, price growth over time, neighbourhood characteristics, and economic indicators. For two years in a row, Milton has been at the bottom of the list, with a value score of 0.97 out of 5 this year. The report suggests that residents of Milton are seeking more affordable homes, mainly when inflation is high, and borrowing costs are increasing.

“Buyers took to the sidelines in 2022, and many chose to wait out the market, hoping for a positive change that would make real estate in Canada more affordable. Motivated buyers shifted their strategies, favouring more affordable property types, including condominium apartments and townhouses,” broker of record at Zoocasa Lauren Haw said in the report.

“The 2023 market is dependent on affordability. If interest rates decline, buyer sentiment should shift in a more positive direction.”

The report indicates that buyers may continue to struggle due to a fiercely competitive market affected by low inventory. With the Canadian government targeting 1.5 million new Canadians by 2023, the demand for housing may continue to drive up prices in regions where housing is scarce.

Notwithstanding the stats mentioned in the report, Partap Singh seemed motivated to buy real estate in Milton. “This Town is the best for housing, especially for your families. No doubt prices are high, but the situation is not much different in other towns of Halton,” he opined.

By Saeed Akhtar, Local Journalism Initiative Reporter, The Milton Reporter

Original Published on May 08, 2023 at 19:28

This item reprinted with permission from   Milton Reporter   Milton, Ontario

Comments are Welcome - Leave a reply below - Posts are moderated