After months of soaring prices and bidding wars in Halton’s condo market, values have now plateaued, according to a recent report from Strata.ca.
Many prospective homebuyers may be relieved by April’s condo market numbers, which seem to have cooled off in all major areas in Halton.
According to the report, there were 125 condo transactions in Oakville last month with an average sold price being $767,000.
In Burlington, there were 112 condo transactions with an average sold price of $626,000 and in Milton, there were 58 condo transactions with an average sold price of $609,000.
According to the report, “buyer fatigue” could be to blame for this and the pattern is expected to continue for a few more months.
“The market seems to be correcting itself without the government getting too involved. This is because buyers were trying to get in as prices climbed over the winter. That whole time though, all we heard about were bidding wars and condos selling for $100K over asking,” said Strata.ca broker, Cliff Liu in the report.
Strata.ca realtor, Sam Massoudi, also believes that buyer fatigue is the reason for the fall in April’s condo market numbers, saying that some prospective buyers “abandoned” their search altogether as the market soared.
“That sudden rise in demand over the winter had solidified people’s beliefs that we’re in a bubble…a bubble that was eventually going to burst. But I don’t think we’re going to see values plummet like that. If you look at the numbers, prices per-square-foot are still lower than what they were right before the first COVID-19 lockdown,” added Strata.ca realtor, Francisco Hiebert in the report.
According to the report, there were a total of 2,477 condo sales transactions in April, down 17 per cent from March’s peak of 2,978.