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IB NEWS HOUSE PRICES DROPPING IN SOUTH HALTON WHILE LISTINGS ON RISE CRUEL SUMMER FOR BOTH MUNICIPALITIES? LOUIE ROSELLA lrosella@metroland.com 1 summer for real estate in Oakville and Burlington? Overall house prices are still on the decline in both munici- palities. That was just one of the find- ings from the August report of the Toronto Regional Real Es- tate Board (TRREB), released Wednesday (Sept. 6), which shows some interesting trends in both municipalities com. pared to earlier this sw The report showed ov overall house prices in Burlington dropped to $1,075,897 in Burling- ton from $1,116,119 in July, a four per cent dip. In Oakville, overall house Hee fectined to $1,492,687 in compared with aA ary 535 in July. Active listings, which re- present the total number of homes currently listed for sale on the MLS site for August, are in both municipalities. In Bunington, there were 397 ac- tive listings last month (com- pared with 304 | in July) while i ‘in Oakville, there were 624 (co! pared with 569 in July). r borrowing costs, con- tinued uncertainty about the economy and Bank of Canada decision-making, and the con- strained supply of listings re sulted in fewer hom August 2023 compared ae “Au gust 2022, TRREB said. e average selling price re- mained virtually unchanged over the same period. On a sea- sonally adjusted monthly basis, sales and average price edged lower, the report revealed. ooking forward, we know there will be solid demand for housing — both ownership and rental — in the Greater Toronto Area (GTA) and broader Great- er Golden Horseshoe. Record immigration levels alone will Metroland file photo It was a volatile August in the local real estate market. assure this. In the short term, we will likely continue to see some volatility i in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing osts and the overall economy," said TRREB president Paul Bar- on. GTA realtors reported 5,294 seaeeg emlAyeO | 2 sales in August 2023 — down by + 2022. New listings were up by a 16.2 per cent year-over-year, pro- 2 viding some relief on the supply g front, but year-to-date listings % re still down substantially 3 3 compared to the same period & last Year, TRREB reports. B ‘More balanced market con- 8 8 to the tighter spring market re- sultedin selling prices hovering at last year's levels and dipping slightly compared to JI s in- terest rates continued to in- crease. in May, after a pause in inter and early spring, many y buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales," ‘REB chief market ana- lyst Jason Mercer. The full August report is ere: https://trreb.ca/files/ market-stats/market-watch/ mw2308.pdf. Book your Personalized Smile Consultation today ITI a At Village Orthodontics in Oakville, we specialize in beautiful smiles using clear aligners and traditional braces. New Patients Welcome Schedule your complimentary consultation today! a arts 9 CREDAT It's time for our Annual Arts Drive! Take a drive through beautiful Port Credit and meet the local artists displaying their work! 647-496-1424 2-2983 Westoak Trails Blvd. akville villageortho.ca me —VILLAGE— “Gh ortHODONTICs Saturday, September 23th Nlam-5 pm (Rain Date Sept 24th) Visit the website to download the map of locations at ArtsOnTheCredit.Ca/Arts-Drive he, wor Port Crest pikSco a su i e woo-uoyeyepisu!