Homes in Halton are still expensive, but it appears that buyers aren’t getting quite as much as they’re hoping for when putting their houses on the market–especially in Burlington and Halton Hills.
According to a recent report by real estate website and brokerage Zoocasa, homes in Burlington are selling for more than 30 per cent below asking price, while homes in Halton Hills are selling almost 43 per cent below their listing price.
Of all the GTA municipalities analyzed in the report, Halton Hills boasts the largest discrepancy between listing and selling prices, with homes selling for about $1,083,709 after hitting the market at $1,899,398–42.94 per cent below asking.
In Burlington, homes are selling for about $1,049,362 after being listed at $1,540,694–a 31.89 per cent difference.
As for what’s driving the trend, the report says Canadian home buyers have taken a step back from the real estate market in the last month in response to high interest rates.
“The cost of borrowing has made buying a home a harder prospect and as a result, many potential buyers are choosing to shelve their home-buying plans for the time being,” the report reads.
“Toronto and the Greater Toronto Area is no exception to this, with sales in the GTA falling by 12 per cent from August to September.”
While the report notes that prices haven’t declined significantly, homes are sitting on the market for longer and sellers aren’t seeing the frantic bidding wars that have marked the last few years.
In Oakville, sellers are also seeing less enthusiasm in terms of bids. According to the report, the average sales price in the town sits at $1,551,189, while the average listing price is $2,051,580–a 24.39 per cent difference. In Milton, the average asking price is $1,420,889 and the typical sales price is $1,053,783–a 25,84 per cent difference.
The city with the smallest difference between listing and selling price is Orangeville, where the average listing price is currently $908,292 and homes are selling for an average of $816,626–a difference of just 10.09 per cent.
The report also notes that sellers aren’t as favoured as they were in recent years, with most markets–including Burlington, Oakville and Halton Hills–defined as balanced. Milton is considered a buyers’ market, meaning that purchasers have an advantage over sellers.
According to the report, the only city where market conditions favour sellers is Scugog. That said, homes are still selling for 18.58 per cent under-asking in the township, with homes selling for an average of $1,140,500 compared to the list price of $1,400,765.