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2 1 |Friday December 22, 2017 | OAKVILLE BEAVER |www.insidehalton.com Average year-over-year real estate price in Halton declines by Graeme Frisque Metroland Media West The average year-over-year real estate price for all types of homes in Halton has moved in only one direction since October of 2013 -- up. According to m onthly tracking from the Toronto Real Estate Board (TREB) for November, that 50-month hot streak has come to an end. TREB reported a 4.1 per cent year-over-year decrease last month, compared to November 2016, with the average price of a home coming in at $833,656. That' s compared to $869,641 a year ago. The last time that happened was between October 2012 and October 2013, when the average year-over-year price fell 2.4 per cent. A majority of the declines came from the Oakville market, which is the region' s busiest and priciest. That market saw a 4.6 per cent decline over the same period last year. Oakville also saw a decline in sales from 314 last November to 252 this year, or a 19.7 per cent drop. Halton' s other three larger markets -- Burlington, Halton Hills and Milton -- actually saw slight year-over increases in average prices, but not enough to offset the declines seen in Oakville. Year-over-year price and sales declines came mostly in the detached home sector in the Year-over-year average real estate price in Halton fell in November for first tim e since October 2013. | Metroland file photo GTA according to TREB, which was the case in Halton as well. There were 398 detached homes sold across the region last month, worth a total value of $417,969,984, compared to 422 last November and $463,839,458. "The average selling price for all home types combined was down by two per cent compared to November 2016, due in large part to a smaller share of detached home sales versus last year," wrote TREB in its report for November. Total sales for all types of dwellings for the whole region were also down, while new listings were up year-over-year. The region saw a 5.4 per cent decline from 757 sales in November 2016 to 716 last month. On the flip side, new listings soared over last year jumping from 845 to 1,285 new dwellings hitting the market in 2017 -- representing a 52 per cent increase. Based on the laws of supply and demand, more listings coupled with decreased demand should translate to lower prices -- which has been the trend since the spring when the Ontario government introduced a number of measures in an effort to cool the GTA market. Going back to March 2017 -- a month before the measures were introduced -- the Halton real estate market clocked in at an average price of $1,014,760 for all types of dwellings. Since then, the average price for the whole region has tumbled 17.8 per cent over the past eight months. Looking ahead, based on TREB' s data, December is a traditionally slow month for real estate. As such, further price and sales declines may be on the horizon for Halton, at least in the short term. Only once since 2012 has the month-over-month average price increased between November and December -- and that was in 2013 when it went up 4.3 per cent. Prices have fallen by an average of 3.7 per cent month-over-month during that period in the other four years since 2012, while total sales fell by an average of 38 per cent between November and December in each of the past five years. -- This report is based on monthly TREB price and sales tracking data since January 2012 collected by Metroland Media West. BOXING WEEK SAVINGS H O M E D E C O R A C C E S S O R iE S FO U R FLO O R S OF B o x in g ^ W e e k S a l e ^W ednesday, D e ce m b e r 27 S undaij, J a n u a ry 7 20% OFF Select Furniture | Floor Models | Priced to Clear 4 D ays only D e c . 27 - D e c . 30 25% % E n tir e 50% % S to re Swiss Interiors Fu rn itu re & H o m e D e c o r 2 1 7 L a k e s h o r e R d . E., D o w n t o w n O a k v i l l e S in c e 1 9 5 3 C h ris tm a s I t ems 2359 LAKESHORE ROAD W EST (In B ronte V illa g e) w w w .m y b a c k s h e d .c o m · 9 05 .8 47 .2 92 2 w w w .sw issin te rio rs.co m · 905.844.3530 L£i@