If you live in the GTA, chances are you’ve heard of the intense amount of growth in Milton. In fact, for the better part of a decade, Milton has been one of the fastest growing communities across Canada. And, the growth is not going to stop anytime soon. With over 100,000 residents, Milton is poised to more than double its population again over the next 15 years. This rapid growth brings prosperity to the region, but also challenges. However, one thing remains constant throughout – the demand for housing.
In the early to mid-2000’s, Milton was advertised as a town for families and first-time homebuyers. Housing was affordable, well-constructed (for the most part) and the location was ideal for commuters.
Fast-forward to the fall of 2017 where we find Milton continuing to thrive. People from all walks of life continue to look at Milton as their ideal place to live, raise their family, and be within a reasonable distance to Toronto.
This brings us to our main discussion point – what is the lay of the land for buying property in Milton as of the fall 2017?
If you’ve read any headlines and kept up with real estate news in the GTA you’ve without a doubt heard that the market has changed dramatically since the spring of this year. In fact, this is the largest shift we have personally witnessed in the region – ever! There are many reasons why the market shifted, which we won’t be discussing here – a quick google search will detail it all for you.
If you’ve never researched property in Milton you might be inclined to think that housing prices are generally “affordable”. Firstly, affordability is subjective, but generally speaking Milton isn’t viewed as such – not any longer. For example, if you purchased a single family detached home in Milton in 2007 for $600,000, that same home today would be worth closer to $900,000-$1,000,000.
We have outlined below some of the general price points for various types of housing in Milton – as of October 2017.
Milton Home Value Ranges
- Condo Apartment
- $350,000 – $500,000
- 3-Storey Townhouse
- $480,000 – $600,000
- 2-Storey Townhouse
- $550,000 – $700,000
- $575,000 – $750,000
- Detached (Single Car Garage)
- $550,000 – $1,000,000
- Detached (Double Car Garage)
- $700,000 – $1,500,000
- Estate / Luxury
- $1,250,000 – $5,000,000+
As the above numbers show, Milton can no longer be viewed as a “first-time homebuyers” dream location, but with properly aligned expectations it’s still certainly a town within reach. For everyone else, Milton continues to be a great location to live, raise a family, and enjoy many of the local activities.
Update: as of October 16, 2017, Office of the Superintendent of Financial Institutions (OSFI), has announced changes to the Canadian mortgage lending policies. Of particular importance is the policy change that will require all uninsured mortgage borrowers (those buyers with 20% or more for a down payment) to go through a “stress test” prior to approval. These changes will take effect January 1, 2018. It’s too early to predict the impact, but we are going to closely monitor the potential for downward pressure on home values; it’s possible we could see further reduction in buyer activity, therefore impacting sale values.
For more information on buying property in Milton or across the GTA, give us a call/text at 647.401.4443 or email us at firstname.lastname@example.org
Written By: Dustin Graham
October 15, 2017
The Graham Partners
“Experience The Difference”