Milton Home Prices: Rise or Fall?
Milton has experienced a steady growth in the value of its properties in recent times. The increased value of real estate in Milton, Ontario is as a result of the improved attention which the city has received over time, even from businesses. From 2015 to date, several businesses have moved to Milton. These businesses have also brought individuals and families into the area. The value of real estate has generally increased in the Greater Toronto Area. Milton is one of the locations that have experienced this increase and is currently one of the fastest growing cities in the Greater Toronto Area. While other cities struggled to contain the loss in property investments that came from businesses such as Target leaving Canada, Milton has done very well with the continuous growth of the market.
Real estate agents in Milton have had to cater for a larger population with the increased attention Milton has received over time. Milton real estate agents have also had to handle the reduction in supply with fewer houses on real estate listings in Milton.
The increase in the prices of properties in Milton has cut across commercial and residential properties. As at April 2018, Milton is the 16th most expensive city on the property market of the Greater Toronto Area. The fact that the city offers one of the friendliest property taxes in GTA is also evident in the trend of its real estate market. Houses for sale in Milton are bought at the fastest rate in the Greater Toronto Area. Thus, Milton is the fastest selling city in the Greater Toronto Area according to market reports of April 2018. The market report also shows that the average cost of homes for sale in Milton is $713K, while the median cost of homes in the city is $649K. The median and average cost report give insights into how much a house averagely costs in Milton. The market reports also show that Milton real estate market is the 12th fastest growing one in the GTA. Milton real estate market has also been shown to have the 15th largest turnover according to market reports of April 2018.
New communities and developments have been introduced into the Milton real estate market to accommodate the increasing demands. The new developments in Milton include two townhouse developments, one condo development and eight single-family developments. Jasper Village is one of the new townhouse developments in Milton. Jasper Village was developed by The Conservatory Group, and it has 173 townhouses and single-family homes. The area occupied by the units in Jasper Village range from 2322 square feet to 2908 square feet and are offered at prices that range from $699,990 to about $869,990. Double terraced homes in modern styles are quite popular in Milton.
The real estate market of Milton is expected to keep growing. Just like in recent years, the real estate market of Milton is expected to grow by up to 5% yearly.