The Town of Oakville recently took the number one spot on a list that ranked the average home prices in the Greater Toronto Area (GTA) this fall.
A recent report from Zoocasa reviewed housing competition conditions for buyers in 35 housing markets across Ontario and ranked them based on the sales-to-new-listings-ratio in each region.
While Oakville’s average home price was $1,313,481 earning the top spot on the list, Halton Hills, Burlington and Milton were also all featured in the top 10 cities and towns out of 35.
The housing competition heated up this fall across Halton and other Ontario markets despite new pandemic restrictions being rolled out by the Ontario government to slow the spread of COVID-19.
To identify what areas of Ontario have the most competitive (seller’s markets) and least competitive (buyer’s markets), Zoocasa calculated the sales-to-new-listings-ratio in the chart below.
The sales-to-new-listings-ratio is calculated as the number of sales divided by the number of new listings so a high percentage over 60 per cent means many homes were sold compared to homes newly listed (a seller’s market) while a lower percentage under 40 per cent shows fewer homes were sold compared to homes newly listed ( a buyer’s market).
Within the GTA, 14 out of 19 cities in the report were seller’s markets and outside the GTA, all 16 cities included in the s study were in seller’s market territory.
There were no buyer’s markets among the 35 cities in the report.
According to the chart, Halton Hills home price was averaged $935,612 and it was considered a seller’s market.
While Oakville’s was $1,313,481 and Burlington’s average home price was $917,013, they both were also considered a seller’s market.
Milton’s average home price was $916,717 and it had an annual price change of 18 per cent.
The sales-to-new-listings-ratio was broken down into averages from October 2019 and October 2020.
Halton Hills was 78 per cent seller’s market in October 2020 and 73 per cent seller’s market in October 2019.
Burlington was 88 per cent seller’s market in 2020 and 68 per cent in 2019 of October.
Milton was 87 per cent seller’s market and 76 per cent and Oakville was 69 per cent seller’s market in 2020 and 63 per cent seller’s market in October 2019.
According to Jonathan Amodeo, a Zoocasa broker in Ottawa, where buyers are looking for a property will likely have an impact on how competitive it might be.
While there are several uncertainties with respect to COVID-19, based on today’s conditions, Amodeo expects the market to remain busy and competitive going into 2021, which may be a catalyst for further price increases.