If you are shopping for a home in Milton, you are not alone. It’s one of the most popular suburbs of the GTA, and the summer hibernation we’ve had in real estate has done little to curb the enthusiasm of home buyers in this region.
Although the summer has been unusually quiet this year, we are already starting to see the pace of home sales begin to pick up in this once-sleepy bedroom community.
Now that market pricing has corrected, you might be surprised to learn what home values look like right now.
Total home sales for Milton in the month of July were on the rise. Sales were just over $73.5M in July, while August brought in a significantly higher $88.7M, an increase of almost 21 per cent (TRREB, 2022). While this is yet to be reflected in days on market indicating a faster pace of sale,it’s clear that things are beginning to move in the right direction.
What does this mean for home buyers? What can one expect to pay for a detached house in Milton right now?
Over the past few weeks, we’ve had the unique opportunity to review dozens of detached homes for sale in the area. Single and double car garage properties, 3-4 bedrooms, 3-4 bathrooms, ranging between 1,350 to 2,500 square feet across most multiple Milton neighbourhoods.
Here are the results of our extensive tour.
Pricing
Pricing for detached homes in Milton has leveled off since August of 2021. The average price of a detached house in this community last summer was $1.308M (TRREB, 2021). This past August that number dropped to $1.23M (TRREB, 2022).
But average price does little to tell the story of what you are getting for your money. Let’s take a look at some average numbers of sold homes in July and August (Toronto Regional Real Estate Board, 2022):
- Single car garage houses under 1,500 square feet, 3 bed 3 bath, came in between $925K and $1.08M with most falling in the middle, around the $1M mark.
- Single car garage homes between 1,500 and 2,000 square feet, 3 bed 3 bath, saw sold prices starting at $975 going up to $1.1M, however most were hovering around the $1.06M mark.
- Double car garage homes between 1,500 and 2,000 square feet, 3 bed 3 bath, saw sold prices starting at $1.05 going up to $1.28M, again with many in the middle range at $1.1M.
- Double car garage homes between 2,000 and 2,500 square feet, 3-4 bed 3 bath, saw sold prices starting at $1.16M going up to $1.36M.
Note that these averages reflect a variety of ages and home conditions but can still be used as a general guideline.
Home Value By Neighbourhood
Home values in Milton are also highly dependent on neighbourhood. The newer areas south of and just slightly north of Louis St. Laurent tended to a higher price point. These homes were between 0-5 years old and offered the popular open-concept floor plan.
For the newest homes, those south of Louis St. Laurent and just west of Thompson, the double car garage homes with 4 beds, 4 baths and greater than 2,500 square feet fetched between $1.32 and $1.61M over the summer.
For the homes in the middle area of Milton, north of Louis St. Laurent and south of Main Street, buyers will find more houses that were built in the early 2000’s, complete with the light-coloured hardwood floor and stairs.
These homes typically come with a more compartmentalized floor plan layout with walls separating most rooms on the main and second floors. Here you may also find a formal dining room that could even include doors!
All else being equal, these more traditional homes saw a slightly lower price point, typically selling for between $1.32-$1.44M over the summer months. Most selling at this level were 2,500 square feet or less, with 4 beds, 3 baths, and a double car garage.
The good news? Among the four districts in Halton Region, Milton comes in at the most economical of the bunch. Burlington and Halton Hills average detached prices came in slightly higher than Milton, with Oakville demonstrating the highest sale prices of all.
If you are house hunting west of the GTA and need some guidance, contact us today. We can help direct you to the right detached home for your budget.***
References:
Toronto Regional Real Estate Board (2022). GTA REALTORS® Release August Stats.
Toronto Regional Real Estate Board (2022). GTA REALTORS® Release July Statistics.
Toronto Regional Real Estate Board (2021). GTA REALTORS® Release August Stats.
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