Milton, Ontario 2021 market outlook
Real estate outlook for 2021
Milton area can expect an increase in home price. While both buyers and sellers can expect to come out on top, depending on the market, according to Canadian housing market outlook for 2021. The average residential sale price is expected to rise by five per cent. While anticipated price increase is being attributed to low inventory and a strong buyer pool in the region. Move-up home buyers will continue to drive demand for homes in 2021, according to the report. In 2021 Milton housing market is going to favour sellers with increase in average house sale price upto 3.8 per cent. Hamilton-Burlington is currently experiencing a seller’s market, with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. Increased GO Train service and higher levels of affordability in the region compared to the GTA are the most influential factors that will impact the Milton housing market in 2021. Move-over buyers are expected to drive demand in 2021, in particular, moving from the GTA in search of more affordable properties.
The hottest neighborhoods in Milton for 2021 include Leckie Park, Waterdown West, and Fifty Point.
Prices rising or stable outlook
Both Burlington-Hamilton area and Oakville can expect an increase in the cost of homes for 2021. While both buyers and sellers can expect to come out on top, depending on the market, according to housing market outlook for 2021.
Market growth and stability
Hamilton-Burlington is currently experiencing a seller’s market, with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. Buyers have adjusted to the mortgage stress test and have found other ways to finance home purchases, such as through private lenders as opposed to banks.
“There is slow development in the downtown Burlington area that could delay future development if no one will take notice of it. “The industrial sector in Hamilton has picked back up and the economy is expected to be impacted positively in the coming year. Move-over buyers from the GTA who are looking for more space are driving the market.”
Increase or decrease in sale price
Currently, there are three months of inventory in the Oakville housing market, but as we move into 2021 this should increase, according to a report.
Move-up home buyers will continue to drive demand for homes in 2021, according to the report; while there is no single “hot neighborhood” in Oakville that is selling faster than others. This market consistency is expected to continue in 2021.