If you are thinking about moving to the western suburbs of the GTA and trying to decide between Milton and Oakville, stick around.
Today we are looking at how 2020 shaped up for these two very popular suburbs.
Of course, there will be many factors beyond price and property style that will influence whether you choose one area over the other. However, a good place to start the investigation is in reviewing the basics: average home prices, how quickly houses are selling, and what specific types of properties are selling the fastest in these areas.
2020 Home Prices
Let's start out by looking at what happened to home prices in 2020.
According to the Toronto Regional Real Estate Board's 2020 year-end market report, Oakville homes increased in price by 19.4% year over year. Housing prices in this suburb across all housing styles climbed from an average of $1M in 2019 to a cool $1.24M in 2020.
Milton housing prices increased as well, but at a slightly slower pace: 14.9%. Milton's average housing price by the end of 2019 was $749K. By the time 2020 wrapped up, this number had increased to a new average of $860K.
Oakville homes are changing hands more quickly than Milton. 2020 saw an increase of 11.5% in the number of houses that found new owners in this region in 2020 at 3,442 home sales across all categories and housing styles. This can be compared to 3,087 homes that changed hands in Oakville in 2019.
Milton also saw a significant increase in property sales in 2020, increasing the total sold from 2,198 in 2019 to 2,409 in 2020. This growth of 9.6% in total homes sold, while lower than Oakville, is still more than a little impressive.
Days on Market
By contrast, Milton wins the prize for fastest selling homes between the two suburbs.
In 2020, the average Milton home sold in 14 days as compared with 19 days the prior year. Oakville houses stayed on market just a bit longer at 23 days on average.
However, the gap between the two is shrinking. The pace in Oakville ramped up in 2020 to reduce days on market by 7, while Milton reduced time on market by just 5 days. That said, homes are selling ahead of the curve in both suburbs.
Type of Home
Here we see clear differences between Oakville and Milton.
In Oakville, the largest increase in 2020 was seen in detached homes with a 21.6% rise compared to 2019. This was followed by semi-detached sales growing by 17.2%.
Townhouses also saw an upturn of 5.4% in sales, in Oakville. However, condo apartments lost favour with a 14.7% reduction in home sales in 2020.
Milton is a different story. In this suburb, the largest escalation was found in semi-detached homes which demonstrated a 17% increase in popularity compared to 2019. This was followed by condo apartments with a 14.2% rise in sales.
Townhomes in Milton were the next most popular home style in 2020, with a 10.6% increase. Pulling up the rear were detached homes with a 6.4% increase in sales compared to prior year.
Both Oakville and Milton are wonderful places to live, so of course many other factors will play into whether you decide on one over the other (or neither).
However, knowing the basics of how quickly properties are selling and what's popular in one region versus another can help to prepare you when the time comes to buy.
Toronto Regional Real Estate Board (2020). Regional Housing Market Tables, Halton Region, December 2020.
Toronto Regional Real Estate Board (2020). Regional Housing Market Tables, Halton Region, December 2019.
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