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To download the .pdf full version, click here: Milton Monthly – June 2017
The impact of Ontario’s “Fair Housing Plan”
After multiple record setting months for Milton housing so far this year, things have finally begun to slow down, mostly due to the government Fair Housing Plan implemented at the end of April. The 227 residential sales in May 2017 represent a 10.5% decrease in volume over the same figure from May 2016. The average sale price of $751,500 was up 21.8% when compared to May 2016, but down 4.5% when compared to the record high last month. Inventory levels have risen dramatically and the strategy of offer dates and bidding wars has fallen by the wayside.
If you’ve been waiting to buy, now may be a great opportunity. Many properties are selling with single offers and conditions, things not frequently seen earlier in 2017. With current inventory levels representing more than 1.5 months worth of supply (as opposed to less than 0.5 months supply back in February and March), buyers also have choice and can afford to be a bit more particular with their purchase. This likely won’t last for very long if the example set in Vancouver last year was any indication; prices over there are once again at record levels.
If you need help navigating this extremely dynamic market, don’t hesitate to reach out. We always have time to talk real estate!
Your local Real Estate professionals,
Kyle and Jay