Mortgage Market in Milton
Milton, Ontario is only 40-kilometers from Toronto, the end of the line for a short commute on the GO Transit bus and the Milton train lines. According to Milton mortgage brokers, this short commute and overall growth in the greater Oakville-Milton District promotes demand in its available housing inventory.
Better than the Province
Milton saw the fastest growing population in Canada from 2001 through 2006. While the growth rate has slowed, the population of 102,00 is still expected to reach 228,000 by 2031.
According to City-Data, employment in Milton is higher than the province as a whole. So, too, the median income and earnings income exceed the province metrics. Its diversified labour force feeds employers among work sectors in business, finance, retail, education, and manufacturing.
Housing prices will vary across a number of neighborhoods and the age of the stock, of course. However, the median price comes currently comes in at a hefty $684,900, an increase of 9.58 per cent over last year. The variety in housing stock and its stability drives up the price. At the same time, apartment rentals have been very volatile. Inconsistencies in the affordable real estate market across Canada has raised concerns in Parliament, but mortgage brokers see no substantial federal intervention on the horizon.
Prices up and stock down
This supply and demand push and pull has increased both the average and median sales prices while driving down the volume of sales. Pulling in markets from nearby Oakville and Hawthorne Village, numbers identify the most impressive increases have been in the $200,000 to $300,000 range which suggests some shift in the market that might drive developers to start more modest offerings. However, current housing starts are not meeting that specific demand.
The last few months have seen a modest increase in Halton Region housing starts, an exception to the decline across other provinces. With population shifts to Milton and a stable housing inventory, the forecast for pricing continues to rise. And, this presents a real opportunity for Milton mortgage brokers to help customers.
Milton mortgage brokers
So, the situation summarizes this way: interest rates may increase slowly into 2017, population will increase modestly and seek affordable housing, and a stable housing stock will enhance the sellers’ market. But, customers still need housing. Some of it is priced unaffordable; some of it serves customer needs. But, ultimately opportunities do not easily fall in their laps in such a competitive market.
Milton remains a highly livable community. There is a lot to do, good schools, and diverse ethnic communities, enough to keep residents in town and to attract more to move in.
Matching your dreams with the reality of markets, interest rates, and financing mechanics takes a mortgage expert on your side. Milton mortgage brokers are set up well to handle your home purchase, refinance or second mortgage needs.