The Oakville, Milton and District Real Estate Board

The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 278 units in June 2024. This was a decrease of 14.5% from June 2023.

Home sales were 21.4% below the five-year average and 33.9% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 1,588 units over the first six months of the year. This was down by 4.3% from the same period in 2023.

“June saw MLS® home sales retreat to March levels, a significantly slower pace than the seasonal average. New listings also declined from May, breaking a five-month streak of consecutive month-over-month increases in newly listed properties,” said Anthony Danko, President of the Oakville-Milton and District Real Estate Board. “As observed in many markets across the country, sales are lagging behind new listings. It appears buyers may well be holding off in anticipation of the Bank of Canada’s upcoming decision on interest rates, expected in July. The uncertainty around whether rates will be cut further or held steady until September has contributed to a buildup of available homes, with inventory climbing to pre-pandemic levels.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,266,900 in June 2024, down by 6.7% compared to June 2023.

The benchmark price for single-family homes was $1,501,100, a decrease of 5.1% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $896,500, a moderate decrease of 5.1% compared to a year earlier, while the benchmark apartment price was $652,600, falling by 2.9% from year-ago levels.

The average price of homes sold in June 2024 was $1,362,970, a decrease of 7.6% from June 2023.

The more comprehensive year-to-date average price was $1,415,745, a small reduction of 2.4% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $378.9 million, a notable decline of 20.9% from the same month in 2023.

The number of new listings saw a gain of 10.7% from June 2023. There were 650 new residential listings in June 2024.

New listings were 3.1% above the five-year average and 7.1% below the 10-year average for the month of June.

Active residential listings numbered 864 units on the market at the end of June, up sharply by 76.7% from the end of June 2023. Active listings haven’t been this high in the month of June in five years.

Active listings were 48.6% above the five-year average and 17.2% above the 10-year average for the month of June.

Months of inventory numbered 3.1 at the end of June 2024, up from the 1.5 months recorded at the end of June 2023 and above the long-run average of 1.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.