Milton housing prices showed only a modest increase in the second quarter compared to last year despite a continued increase in people looking to buy in town, according to a Royal LePage report.
“The second quarter was definitely a sellers’ market in Milton,” said Alex Ocsai, a broker and owner of Royal LePage Meadowtowne.
“Inventory was down approximately five per cent, which mean that there was not enough supply to meet the current demand. Consequently, we had a number of multiple offer scenarios this spring.”
According to the Royal LePage House Price Survey and Market Survey Forecast, detached bungalows and condos were up three per cent year-over-year, translating into an average selling price of $441,500 and $278,000, respectively.
The price for a standard two-storey home only rose 2.5 per cent to an average price of $512,500.
By comparison, the average price of a home in Canada increased between 3.9 and 5.2 per cent in the second quarter, with detached bungalows seeing the highest year-over-year gains.
Ocsai said there continues to be a steady number of buyers interested in moving to Milton.
“Many younger families are attracted to Milton because it has the convenience of a major city while maintaining the feeling of a small town,” he said.
The Royal LePage broker forecasts steady gains in housing prices as younger families continue to gravitate toward Milton. Current homeowners who purchased new builds will also be looking to sell and profit from a strong market.
Ocsai said the Town of Milton’s focus on creating jobs is a positive indicator for growth in the years to come.
“Creating more jobs will reduce the need to commute into the city of Toronto and increase the attractiveness of our market,” he said.
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