The Greater Toronto Area’s suburban region of Oakville–Milton is the last $1-million plus housing market standing.
Halfway between Toronto proper and Hamilton, Oakville–Milton had a benchmark home price of $1,008,600 in June, up about 3 percent annually, according to the Canadian Real Estate Association’s 20-market index.
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It was the only market to break the million-dollar mark in June.
The second-most-expensive market was Greater Vancouver, which saw its benchmark price tumble into seven-figure territory to $982,200 last month.
The bleeding hasn’t stopped in Vancouver, with prices having dropped about 9.6 percent in a year. The benchmark price was down 1.25 percent between May and June.
While Oakville may not be on the radar of Canadians outside its home province, it’s where you’ll find Canada’s most expensive home listed for sale.
The benchmark price for the whole of the Greater Toronto Area was $786,600 in June, representing a year-over-year increase of 3.79 percent. Prices there have been stabilizing and edged up about 0.6 percent compared to May.
The president of the Oakville–Milton real estate board expects stability locally as well.
“As we move into the end of Q2 2019 and beyond, we expect to see a stable market and June was a reflection of this,” says Oliver Mata, Oakville, Milton and District Real Estate Board, in a separate report published earlier this month.
In June, 764 homes changed hands in the region, down by only 20 transactions versus the same month in 2018..
“There were only slight changes to most of the market stats compared to last year, but we did see a hefty increase in dollar volume of sales,” says Mata.
“However, we would like to see more listing inventory in the mix, and look forward to a vibrant Fall market. Oakville and Milton are very safe communities to raise a family and are well located in the GTA,” he adds.