Here’s how the Milton real estate market has changed since 2013

Milton continues to be one of the most expensive places to own a home in Ontario.

According to new data released by the Municipal Property Assessment Corporation (MPAC), Milton has the third lowest percentage (0.3%) of properties under $500,000 in the province for municipalities with at least 50,000 residents. It’s a nearly 59% drop for Milton using the same data from 2013. The majority of Milton properties in 2023 were listed between $1 million and $1.5 million, with 47.4% falling in that category.

As of December 2023, the median home value in Ontario was $765,000, with the median value in the Greater Toronto and Hamilton Area (GTHA) at $1,031,000. The median value represents the mid-point of the range, meaning half of properties have a value above, and half have a value below.

“Looking across the province, our data shows increases in home values across Ontario – even in smaller communities outside the GTHA,” says Greg Martino, Vice President and Chief Valuation and Standards Officer for MPAC. “The reality is that current home prices are a reflection of various economic forces at play. Factors like supply and demand, increased construction and labour costs plus inflation are all part of what’s driving today’s house prices.”

In 2013, 74% of residential properties in Ontario had a home value estimate of less than $500,000, while 91% of homes had a value of less than $750,000. Today, those numbers have dropped to just 19% and 48%, respectively.

To find properties for less than $500,000, residents will have to look either north or west of the GTA, with the list including cities such as Sudbury, Sault Ste. Marie, North Bay, Thunder Bay and Windsor. Homes under $750,000 can be found in cities such as Ottawa, London, Kitchener, Kingston, Barrie, and Peterborough.

Think a condo is still a cost-efficient way to get your foot in the GTHA real estate market? Think again.

For residential condominiums in the GTHA, 88% of all units in 2013 were less than $500,000, with a median value of nearly $325,000. Today, a little more than 11& of condos in the GTHA are priced in this range, and the median condominium value has nearly doubled at more than $645,000.

In 2013, almost 85% of condominiums in Toronto had a value of less than $500,000. Today, that number has dropped to less than 11%, with the majority of condominiums falling between $500,000 and $750,000.

Generally considered a viable option for first-time buyers in the GTHA, buyers looking to enter the market may need to look beyond the GTHA for a condominium priced at less than $500,000.

What about semi-detached and townhomes?

They have also appreciated in value during this period. In 2013, 94% of semi-detached and 97% of townhomes were priced at $750,000 or less. Ten years later, that number has dropped to only 33% of semi-detached homes and 46% of townhomes, a decrease of 61% and 51%, respectively.

When looking at a value of $500,000 or less, the inventory drops to just 13% for semi-detached and 4% for townhomes.

In 2013, the median home value for a detached home in the province was nearly $378,000. Today, that number has increased by 128% to over $862,000.

41% of detached homes across the province are estimated to be worth more than $1 million. This is in contrast to 2013, when the inventory of homes at this price point was only 6%. In the GTHA, more specifically, more than 78% of detached homes are estimated to be worth more than $1 million, compared to almost 12% a decade ago.

Are you having a hard time living in Milton and the surrounding area. You’re not alone!

Distribution of Residential Property Inventory by Municipality

All property types as of December 31, 2013 and December 31, 2023

The above analysis is a reflection of MPAC property data and Ontario’s Land Registry real property data licensed through Teranet.

For more information, click here.

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