With the fall season approaching now is an excellent time to purchase a home and obtain a Milton mortgage. Mortgage professionals do not typically consider fall as the peak time to buy a home, which is why now is the perfect opportunity to receive low rates and have a stress-free mortgage experience. Buying a house now means you can take your time and view as many houses as you want on your own time, without the house you like getting taken before you decide to put down an offer.
So, to help provide some assistance in the home buying process, our team of experts at Loewen Group Mortgages has listed the most current market update for the Milton residential area.
Average Home Prices
According to Zolo.ca, the real estate trends have been constantly changing over the past year. The current average sold price for September 2018 is $710,000 which is a 1.9% decrease from the August 2018 price. The average price is also a 1.8% quarterly increase and a 3% increase since September 2017.
With the current average price 1.9% lower than the previous month, now would be an excellent time to lock in a rate with your Milton mortgage broker before they get more expensive.
Median Property Prices
For single detached houses, the median listing price in September 2017 was $796,450 and increased 4.6% to $833,250 in a matter of one year. For townhomes, the median listing price in September 2017 was $582,500 and by 2018 the price had increased 6.4% to $620,000. Condominium prices have followed similar increasing trends as the other property types. In September 2017, the median listing price was $425,000 and by 2018 the price had jumped 7.8% to $458,000.
Compared to the 23 cities located in the Greater Toronto Area, Milton is ranked as the 14th most expensive, the 8th fastest growing city, and the 2nd faster selling. It also has the 8th highest turnover rate in the Greater Toronto Area.
For more information on the current residential market update or to begin your Milton mortgage application, please contact the Loewen Group Mortgages team at 289-270-1586.