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The Real Estate landscape remains dynamic, presenting both challenges and opportunities for buyers and sellers alike. Despite overall inventory constraints, demand remains resilient.
In April of 2023, the average price for all home types in Oakville was $1,580,110, while in April 2024, it rose to $1,587,333, marking a 0.45% increase. While in Burlington, the average price for all home types was $1,149,169 in April 2023, but it dropped slightly to $1,144,352 April 2024, representing a decrease of -0.4% year-over-year.
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason Mercer.
TRREB CEO John DiMichele emphasized the importance of government alignment in improving affordability and housing options. He stated that while various levels of government have announced plans, more effort is required to ensure these policies work together effectively. Alignment in housing policy is crucial for achieving sustainable and tangible results.
