graham real estate blog
Why Move To Milton, ON in 2023
Are you considering a move to Milton, Ontario? As proud residents of Milton and local REALTORS®, we can tell you that it’s a great choice for anyone looking for a vibrant community with a small-town feel, access to the outdoors, and a prime location for commuting.
When my family and I made the move to Milton in 2011, we were drawn to live here primarily to be closer to friends. We quickly realized the town’s welcoming atmosphere and its proximity to both urban and natural attractions were reasons why we would stay for years to come. As first-time home buyers at the time we found a great house and quickly became part of the community.
Here are just a few of the reasons why we love living in Milton, and why you should consider it too. We also cover some of the current Milton real estate market trends and our forecast for 2023.
Small-Town Feel, Big-City Amenities
Although the town is rapidly growing, one of the things that sets Milton apart from other towns and cities in the Greater Toronto Area is its blend of small-town charm and big-city amenities. Despite being a short drive from downtown Toronto, Milton has managed to maintain its own distinct identity. From its downtown core to its abundance of local amenities, Milton offers all the advantages of urban living in a more relaxed and community-oriented setting.
Milton is home to a wide range of shops, restaurants, outdoor activities, and entertainment venues. Whether you’re in the mood for a night out at the theatre, skiing at Kelso or a day of shopping at Toronto Premium Outlets, you’ll find everything you need right here in town.
Milton also offers a variety of education options for families, including highly rated elementary/high schools, private institutions and will soon be home to a much-anticipated Wilfred Laurier Campus.
Some of our favourite spots in Milton are:
Milton Sports & Outdoor Recreation
- Glen Eden / Kelso
- Rattlesnake Point (great hiking!)
- Springridge Farm
- Chudleigh’s Farm
- Milton Leisure Centre and Milton Sports Centre
Milton Arts & Culture
- Milton Farmers Market
- FirstOntario Arts Centre
- Milton Film Forum (in partnership with Toronto International Film Festival)
- Milton Fall Fair
Milton's Prime Location
One of the original reasons why we moved to Milton was its proximity to all the surrounding cities and towns. On a day with minimal to moderate traffic you can travel to downtown Toronto (financial district) in 40-45 minutes. Access to the shores of Lake Ontario is a short 15-20 min drive where you can enjoy the beaches, restaurants, shops or go for a stroll along the waterfront pathways. Feel like venturing out to the Niagara Casino’s or visiting Niagara Falls? You can be at the Falls in as little as 50-60 minutes.
Needless to say, Milton is arguably positioned in one of the most prime locations within the Greater Toronto Area.
Buying Milton Real Estate - A Resilient Market
One of the first things that stood out to me when our family was searching for a new home is the thriving real estate market in Milton. With a wide variety of housing options available, from detached homes to townhouses and condos, there is something for every type of home buyer.
Notwithstanding the last 8-10 months, the real estate market trend in Milton is generally quite competitive. For many years, Milton was consistently labelled as one of the fastest growing communities in Canada. For this reason, there tends to be high home buyer demand.
It’s no secret that since February 2022 the real estate market in Milton and across Canada has experienced some substantial changes. Namely, we saw home buyer demand dwindle and home values decrease. However, since February of 2023 onward we have started to notice a reversal of the downward trend. Multiple offers are becoming increasingly commonplace again and home values are starting to trend upward. We are constantly evaluating the Milton real estate market trends and statistics and it is expected that within the next few months we’ll be back into a strong seller’s market. Of course, there are many economic variables that impact the local real estate market and trends are subject to change.
Milton Real Estate Home Prices
The large variation of home values in Milton can generally attract would-be home buyers within most budgets. Below are the current average sale prices as of March 2023 across the major home types in Milton:
Condo Apartments: $669,672
Townhomes (3-storey): $863,206
Townhomes (2-storey): $1,002,034
To highlight the upward Milton real estate market trends referenced earlier, here are the February average sale price data that confirm the trend:
Condo Apartments: $620,429
Townhomes (3-storey): $847,779
Townhomes (2-storey): $966,642
Below is a chart that highlights the average home sale values in Milton from January 2020 to March 2023.
*All data derived from the Toronto Real Estate Board.
Milton Real Estate Forecast
Notwithstanding the above data and the suggestion that Milton is headed back toward a stronger seller’s market, it’s still too early to predict. We need at least another 2-3 months of data to accurately suggest an ongoing trend.
However, we have a high degree of confidence the Milton real estate market will head back into a stronger Seller’s market within the next 3-6 months. Here are some of primary points that support this trend:
1. Variable interest rates have stabilized for now, although the Bank of Canada could still raise rates one or two more times depending on inflation. Current inflation numbers continue to tend downward, which is a good sign for the BoC to stop raising the rates.
2. Fixed mortgage rates are declining slowly. Fixed rates are tied to bond yields, which have been on the decline for the last few weeks.
3. Canada will see over 400,000 new immigrants in 2023, with a large proportion of immigrants landing in the GTA and Vancouver.
4. Buyer demand in Milton remains very strong, albeit many would-be home buyers put their plans on hold over the last 8-10 months. Many of those buyers are coming back into the market, in addition to the new set of home buyers.
5. Housing inventory in Milton remains very low, which generally leads to upward pressure on home values.
Buy Milton Real Estate Now or Wait?
Interestingly the answer to this question is the same regardless of the market conditions in Milton. If you’ve been contemplating purchasing a new home and have the financially capability to do so, then now is the right time. People often get too caught up in the market conditions and although important, most people shouldn’t use market data as a primary decision point.
When to leverage market data
– If you’re a real estate investor. As an investor, market data is critically important for making informed investment decisions.
– If you’re planning to downsize and rent going forward. Most people downsize to capitalize on their current home equity for financial planning purposes. For this reason, it makes sense to aim for a stronger market to maximize your sale value if you’re planning to sell your home and rent going forward.
– If you need to leverage home equity – e.g., refinance, obtain a home equity line of credit (HELOC) etc.
– To make informed decisions when making an offer on a home (e.g., offer price, conditions etc.).
There are certainly other situations where market data is important, but the above sums up the most common scenarios.
When market data is less important
– If you’re upsizing or downsizing (with a purchase). A general understanding of the market is important, but the data should not confirm nor deny your position to buy or not. Both move types involve buying and selling property, therefore, your position is relative to the market conditions on both ends.
– If you’re a first-time homebuyer. For obvious reasons it would be ideal to buy your first home if the market was in a down position, but playing the waiting game more often does not pan out. For this reason, focus on your capability to buy rather than the market conditions. If you are financially able to do so, then the advice is to proceed. Keep in mind that in Milton and across the GTA we can experience very high rates of appreciation. As such, even if you purchase in a seller’s market you will most likely gain considerable appreciation over time. However, if you decide to wait you may find the rate of appreciation exceeds your ability to save the additional funds. It’s always better to have a stake in the market then to be on the outside.
Deciding to make a move is never an easy decision, but I can assure you that if you are planning to move to Milton (or stay in town) you won’t regret it. The Town of Milton has so much to offer its residents and is continually enhancing the amenities that individuals and families have access to. The town is very likely to experience substantial growth over the coming years and this will certainly introduce some growing pains, but the intermittent results will far outweigh any concerns along the way. Our family has cherished every second living in this beautiful town, and I promise yours will to.
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