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5 | Thursday July 1 3, 2 0 1 7 | OAKVILLE BEAVER | w w w .insidehalton.com Average home price in Halton tumbles $156K in four months by Graeme Frisque Metroland Media Those w ho bought a hom e in Halton Region through the first part of 2017 might be sweating a little bit after the release of the Toronto Real Estate Board' s sales data for June. A recent study by the Fraser Institute looking at Ontario' s econom y and housing market probably isn't helping, either. The m ost recent data from the Toronto Real Estate Board (TREB), released on Thursday (July 6), shows significant drops in home prices and sales across Halton Region since setting records earlier in the year. According to TREB' s m onthly tracking data, Halton' s market peaked in February 2017 at an average price of $1,015,544 for all types of homes. That average has plummeted to $858,916 in just four months. That' s a drop of $156,628, or 15.4 per cent over that period. Total sales figures have plummeted as well. The IFP' s analysis of average hom e prices and sales in Halton tracks the last five years of m onthly data across the region from TREB, and the m ost recent numbers are no longer following traditional market patterns for the area. Sales and prices are down sharply across all four of Halton' s major municipalities since peaking earlier in 2017, and the m ost recent data suggests the Ontario government' s attempts to cool the Toronto and GTA real estate markets are having the desired effect. On April 20, the Wynne government announced a series of 16 measures -- dubbed the `Fair Housing Plan' -- aimed at taming seemingly out-of-control housing markets in the 416 and 905. TREB believes this has been the major factor driving recent price and sales figures. "We are in a period of Housing prices in Halton are dropping in recent months. | Metroland Media file photo flux that often follows major government policy announcements pointed at the housing market," wrote TREB in its monthly report. "The year-over-year dip in hom e sales w e have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan." Burlington topped out at an average of $878,631 in May, falling $110,584 (12.6 per cent) in one month to $768,047 in June. Halton Hills saw its banner month in April w hen the average hom e sold for $825,106. That fell to $724,009 in June, representing a drop of $101,097 or 12.2 per cent in two months. Milton has fared best to date in the region, dropping just 6.9 per cent to an average of $752,238 in June, down $55,856 from its record high of $808,094 in April. Oakville has been hit the hardest, dropping 17.1 per cent since peaking in February at $1,303,010. An Oakville homeowner selling their residence in June could expect an average of $223,395 less, with the latest data pegging the average cost of a hom e in that city at $1,079,615. The number of homes sold across Halton also tanked to 801 in June after hitting 1,209 units sold in February -- a 33.7 per cent drop. This is a big departure from the data between 2012 and 2016, in which June was among the top two or three strongest months for sales each year. The strongest month to date in 2017 was February -- an oddity when looking at the five-year trend, where it has been among the weakest months of the year for sales. The year-over-year data isn't quite as om inous with price gains across the region up 4.9 per cent over June 2016. But that' s a far cry from the 16-to-33 per cent yearover-year gains the region was seeing through the first five months of 2017. W hile the numbers drop and the chorus of housing bubble fears continues to grow, TREB remains steadfast in its assertion the GTA market remains healthy and strong. "Recent Ipsos survey results suggest that hom e buying activity in the GTA will remain strong moving forward," said Jason Mercer, TREB' s Director of Market Analysis and Service Channels in the June report. see New on p.7 B e y o n d K it c h e n s &Ba t h £ /b (x jo n d y jo iit1 S a ^ h e c ta tio fis y w w w . b e y o n d k i t c h e n s .c a D e s ig n B u i l d FU LLY CUSTOM n s ta kitchens, vanities, wall unit, mantle, walk in closet, laundry room, Bar, etc; · Granite, Quartz countertops · Full renovation service · Real estate service; QEW Speers G a A /V i//& S h o w ro o m L o c a tio n Lake Shore 466 speers Rd,unit 6-7 oakville, o n L6K 3W9 T: 905-338-8999 / 905-338-8199 F: 905-338-8099 info@beyondkitchens.ca Trades, realtors, builder programme available, please ask store for details;