“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for ground oriented homes, but also a resurgence in the condo segment as well,” said TREB President Kevin Crigger.
For the month of December the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately 64 per cent compared to November 2021.
Market conditions tightened across all major home types compared to 2020, and the annual rate of average price growth was up over 21 per cent.
Click the link below to check out the full breakdown of what happened in Milton real estate market for November 2021.
Whether you are considering selling, refinancing or just staying put in your home, now is the time to get a home evaluation! CLICK HERE to set up a FREE home evaluation to find out how much your home is worth in today’s market.
A real estate market never heads in just one direction. Several key factors can drastically influence the direction of the market including mortgage interest rates, employment levels/growth, investment growth, immigration and development. These factors can influence whether we are it is a buyer’s market or a seller’s market .
A buyer’s market exists when there are significantly more homes for sale than there are buyers. The typical end results in a drop in median sale prices over time as homeowners adjust their expectations to the current market conditions.
A seller’s market typically exists when interest rates are low are there are plenty of qualified buyers and not as many homes for sale. Buyers must react quickly and often face multiple offer situations. Prices generally rise under these circumstances.
Looking to buy? Have a look at current listings . Questions about the December 2021 Market Data? Reach out to us at homes@flowersteam.ca .
The post Milton Real Estate Watch | December 2021 appeared first on Amy Flowers .
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