The Oakville, Milton and District Real Estate Board

The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 353 units in December 2024. This was nearly unchanged, up only 0.3% (one sale) from December 2023.

Home sales were 13.5% below the five-year average and 14.1% below the 10-year average for the month of December.

On an annual basis, home sales totaled 7,021 units over the course of 2024. This was an increase of 4.8% from 2023.

“Sales in December were almost identical to those in December 2023. For the year as a whole, sales surpassed the total for 2023. New listings took a sharp downwards turn from November to December but remained above average for this time of year,” said Ken Mazurek, President of the Oakville-Milton and District Real Estate Board. “After a year of relatively small price movements the MLS® HPI Benchmark Price was little changed from where it ended 2023. Meanwhile, the market balance remained unchanged from November, continuing to slightly favour buyers. The question now is whether buyers will hold off until the traditionally busy spring market or if the recent changes to mortgage rules and the possibility of further rate cuts will inspire those on the fence to make their move sooner.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,227,700 in December 2024, a slight reduction of 0.2% compared to December 2023.

The benchmark price for single-family homes was $1,456,000, increasing by 1.7% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $891,800, a modest gain of 3.5% compared to a year earlier, while the benchmark apartment price was $629,300, down by 6.1% from year-ago levels.

The average price of homes sold in December 2024 was $1,224,879, a moderate decrease of 7.9% from December 2023.

The more comprehensive annual average price was $1,294,877, decreasing by 2.2% from all of 2023.

The dollar value of all home sales in December 2024 was $432.4 million, a decline of 7.7% from the same month in 2023.

The number of new listings was up sharply by 41.6% from December 2023. There were 453 new residential listings in December 2024.

New listings were 12.3% above the five-year average and 14.4% above the 10-year average for the month of December.

Active residential listings numbered 1,641 units on the market at the end of December, an increase of 15.7% from the end of December 2023. Active listings haven’t been this high in the month of December in more than five years.

Active listings were 48.1% above the five-year average and 35.3% above the 10-year average for the month of December.

Months of inventory numbered 4.6 at the end of December 2024, up from the 4 months recorded at the end of December 2023 and above the long-run average of 3.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.