How did the local housing market fair in the summer months?
We spoke with the Milton Director for the Oakville Milton District Real Estate Board, Hunter Obee.
He says the real estate market is very strong.
He adds that the market did initially cool down due to COVID-19. March was a scary time for everyone. The stock market had seen record drops on a daily basis, and it appeared that the real estate market was heading in the same direction.
Obee explains how it rebounded around May.
When asked about the possibility of a housing bubble, Obee says he doesn’t see one coming just yet. He feels there are way too many safeguards put in-place that prevent those kinds of things from happening regularly.
Here are his thoughts.
Buying a home is still the biggest investment that the average person will make in their lifetime. With that in mind, there may be some tips to keep in your back pocket for when the possibility of a housing bubble becomes more likely.
Are you looking to buy a home for the first time? It can be a scary, yet exciting process, and you may not even know where to start. Obee shares his advice to first time home buyers in an active and ever-growing market.
As we look ahead to the fall months, the market is expected to remain strong. Obee says the biggest issue within the GTA has been supply. Milton is selling homes faster than they can make them at times, and so the issue persists here as well. With the town expected to grow at a rapid pace, the market is expected to continue holding up.
Obee is based out of Royal Lepage Meadowtowne in Milton. They’re located at 475 Main Street East. You can find out more here.
