The month of May was extraordinary as it was GREEN all around vs the previous month. For the first time since last year, we have seen home values increase all around whether you live in a condo, townhouse or detached.
Home Prices This Month
In fact, 50% of homes that sold were at full price or higher! This was due to a few factors including low inventory, increased buyer demand and the seasonal Spring Market boost. Year Over Year is looking very strong and heading in the right direction Oakville is actually up vs 2022 (+9% Detached, +8% Townhouses, +3% Condos). Burlington and Hamilton did very well as we noticed some excellent swings vs the previous month and comparing to 2022. If inventory continues to be this low, we could be in for a Sellers Market in the summer.
BoC Interest Rates
Although the BoC raised .25 basis points on June 7th, we do not feel this will impact the current market and the momentum leading into the summer. Most buyers have already locked into a fixed rate and should not affect them.
The Good News
Back to happy news… if you have owned a home since 2020, your annual appreciation for Oakville is between 8%-12%. Burlington is between 11%-12% and Hamilton is 11%-15%. This is great news if you have been thinking of selling over the last few years and require some positive news.