The number of transactions was down 13 percent compared to May 2022, but this is often the case due to the seasonal nature of the market. The average selling price, at $1,101,868, remained 6 per cent above the June 2021 level, but continued to trend lower on a monthly basis.
According to TRREB President Kevin Crigger, “Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs”.
Click the link below to check out the full comparison of what happened in Milton real estate market for June 2022.
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.
To learn more, read our blog post about the difference between buyer's market and sellers market
Looking to buy? Have a look at current listings . Questions about the June 2022 Market Data? Reach out to us at homes@Flowersteam.ca .
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