Halton Hills Housing Update - Ep. 141

Thursday Oct 27th, 2022


Hi, everyone! Welcome to this week's Halton Hills housing update. So, the market is still pretty stable, but we do have our interest rate announcement tomorrow, which might throw things for a loop, but for right now, we're in a really interesting spot in the market.

So, in terms of last week's sales, Georgetown had 10 sales and 15 new listings. That is great news because there are more listings than sales. What we're seeing though is a lot of properties continuing to come off the market all together and that is what is impacting our supply. This is because when we have purchases and cancellations, the number of properties coming off the market is greater than the number of new listings, so inventory is not rising.

Looking at Acton this week, they had three sales, which is great news for Acton because it has really been struggling over the last month. Additionally, there are five properties in Acton in the sold conditional status. So, things are starting to move in Acton because we're seeing the price points there starting to come down. There were two new listings overall in Acton, so not a ton of new stuff coming up, which is probably good for Acton right now since there haven’t been a huge number of sales over the past few weeks. Glen Williams had no sales and no new listings, and Limehouse also had no sales and no new listings. The rural market had no sales, but one new listing. So – something to note here, there were 13 sales in Halton Hills this week, and only one of them got over $1,250,000. Everything else was in the lower price brackets. We’ve been talking about how the lower price point is moving, but the upper end is just dead right now. An additional thing to note here is that this week we had 18 new listings and 13 sales, which should mean inventory is up, however our inventory is actually down because of the people who came completely off the market.

So, Halton Hills's overall active inventory went from 159 active listings down to 157 active listings. This means that despite our inventory being higher than our sales, we are not seeing that climb in active listings. Looking at Georgetown, we're up slightly this week, from 92 to 94 active listings, but, again, that's staying very low in comparison to where we were.

Looking at our price points, under $800,000 is up from 14 to 15, $800,000 to $1,000,000 is down from 20 to 17, because this is the pocket that is moving the most, likely because they are trying to stay under $1,000,000 for that lower deposit we talked about last week. The bad news is that $1,000,000 to $1,500,000 is up this week from 30 to 33 active listings. Again, we sat over 50 for a very long time in that pocket, so it just gives you an idea of inventory being down, but that pocket is struggling to move. What's struggling even more is over $1,500,000. We were at 28 active listings last week, and are now up to 29 active listings this week as that pocket of properties just is not seeing much movement. So, if you are a seller in that pocket and you get a buyer who is willing to even put any form of offer on your property and you need to sell it, I would take that very seriously because there are so few buyers in that pocket right now.

Now looking at Acton, Acton is down from 25 to 23 active listings, which is still pretty high for Acton. Glen Williams remain the same at eight, Limehouse remain the same at five, and the rural market is down slightly from 29 to 27. The rural market is definitely the market that we see the most properties come off the market in. It's always slow when there's options to buy in town, and so that pocket is impacting our inventory levels that keep coming down as well.

So overall, I think we are in a buyer's market in a lot of pockets, but we're seeing multiple offers on some properties. I was looking out in Guelph and Cambridge and there were tons of properties holding off offers out there, which felt crazy to me. One of them got eight offers. I was like, "what market am I in right now?" So, things are busier than I thought they would be, there are less listings coming up than I anticipated, so it's going to be really interesting to see what this interest rate increase does to the market. Was this a surge to get into the market before the new interest rate announcement and now are we going to be totally dead after it? Or are the buyers just sort of accepting where we're at in the market and things are still chugging along? I’m not sure but it’s going to be interesting to see where October’s numbers come in at next week. I believe they will be pretty strong, but it will be interesting to see where the trend goes now that there has been another interest rate increase. So, I will be back next Tuesday. Have a great week!

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