With the real estate market having faced many challenges due to COVID-19 lately, especially in the spring when the number of sales and new listings dramatically fell to record lows, the real estate market has taken a new turn of events in early fall. Looking at the year-over-year numbers in September 2020, we can see that the Halton Region and overall GTA homebuyers and sellers are getting back to the market in full swing.
Home sales have increased by 42.3% year-over-year in the GTA, and the GTA average selling price for all home types increased by 14% (with the average price sitting at $960,772). The Detached and Semi-Detached markets performed very well and they significantly contributed to the increase, while the condo market operated at a slower pace, with a price increase of around 6% year-over-year.
Home sales and home prices also increased in the Halton Region
Steadier economic conditions, low borrowing costs, and many buyers and sellers having waited for the right time to reenter the market after the spring downturn were all factors that helped spur demand (especially) and supply in September 2020.
Sales and prices in the Halton Region grew significantly as well, so let us take a look at the TRREB data and compare the numbers for Burlington, Oakville and the Halton Region as a whole.
Year-over-year data indicate a clear growth in Burlington and Oakville
Stats retreived from TRREB
As we can see, year-over-year home sales in the Halton Region went up by 42.6% comparing September 2019 to 2020, despite COVID-19 still being an ongoing challenge. While Burlington experienced a similar sales growth (42.1%), sales in Oakville increased by almost 80%.
The average home price went up by 16.5% in the Halton Region, which is not that surprising given that the home prices did not go down in the majority of the GTA. In Oakville, the average home price increased by 24.2%, while in Burlington it was below the Halton Region's average, i.e. by 10.4%. The year-over-year number of new listings was also higher in all of the three.
Stats retreived from TRREB
Breaking down the market by home type also shows that prices went up in Burlington and Oakville respectively.
Regarding detached and semi-detached in Burlington, which are very popular in this city, the average price went up by 12.6% and 11%. The condo market may have been slower in the GTA as a whole, but Burlington has experienced a significant growth year-over-year with an average condo climbing in price by 23%. This indicates that the demand for Burlington condos is drastically rising.
Oakville has seen a very promising increase in the detached homes market. An average detached in Oakville in September 2019 was $1,491,263, and when we do the math, we come to an increase of 17.6% in the average detached home price year-over-year. The average price for semi-detached, however, grew only by 3.2% and for condos 11%.
Despite the pandemic still present, Oakville and Burlington remain two GTA hotspots where housing demand keeps growing which is also reflected in the home prices. Check out our listings in Burlington and Oakville here and if you need more information on the GTA or Halton Region market, listing your home or buying one, make sure to contact us here or give us a call 9053382083.