Your Trusted Mortgage Broker Milton ON
Does the line “housing prices were on the rise yet again,” sound familiar? It probably does, because that’s what keeps happening.
As Milton mortgage professionals, our team is always on the lookout for any real estate and mortgage trends that are taking place locally. It’s no secret that we are seeing home prices rise across Ontario, and we’re here to help keep you updated with the latest.
The average home price for a residential home in Milton took yet another significant step year-over-year. In May 2017, the average sale price for a home was just shy of $800k, coming in at $793,835. This was a jump of nearly $140k from May 2016 when the average sale price was $653,928. If you decided to wait another year to enter the market, we hope you’ve been saving!
While the average price for a home greatly increased, the number of sales of detached homes was the exact same last month as it was in May 2016: 68. Overall, home sales in Milton in May 2017 totaled 115 units, a slight drop from May 2016’s total of 124 homes. Considering the significant price gap, this wasn’t a huge drop as people are continuing to purchase in the area.
One major contributing factor to the price hike is the number of detached homes sold for more than $1 million. In May 2016, a mere 9.8% of the 68 detached homes sold for over $1 million. Last month, however, this percentage shot up to 35.3%. This further confirms the recent trend that people are willing to pay more money to get the home they desire.
It isn’t just detached homes that have seen a large hike, though.
Nearly 80% of semi-detached/townhouses sold in the $400,001 to $600,000 range in May 2016. However, an incredible 86% of the sold semi-detached/townhouses in May 2017 were sold in the $600,001 to $800,000 window.
With interest rates around Ontario and Canada hovering near record lows, it’s no surprise that people are buying houses at a high rate, a significant driving force behind rising prices.
If you’re thinking about buying a home or selling a home, consulting a mortgage broker Milton ON is the best choice you can make. Our team of qualified mortgage professionals is dedicated to helping you find the lowest rates so that you can make your homeownership dreams come true – even if it’s getting more expensive by the month!
For more information on how our team can help you, contact us today!