Cliff Barron here, with my update for Milton, Georgetown and Glen Williams for May 9th to the 15th of 2021. Before I get to that though, a bit of an update on the market... 

It's a big topic among agents right now and amongst the public about what's going on with the market. Honestly - it's weird! If you're in a rural property and you have acreage - or a pool, a ravine or anything like that, the market is still strong. I was at a property last night on an offer - two acres between Milton and Georgetown.  And 27 offers on it. 27!  Sold more than $400,000 over the asking price. So in other words, they listed it way too low to start off with, but it just shows that it's still busy. 

I'm finding if you have property, you're doing well. If you're in a subdivision right now you're not doing as well. And depending on the price point (let's take Milton as an example), if you're over $1.3M and you're in a subdivision and you're not on a ravine or you don't have a pool or anything and you don't really stand out from everybody else, then it's tough. There's not a lot of buyers out there. The showings have really decreased.  But if you're in that same subdivision and you're on a pie-shaped lot, on a ravine, then the showings are going through the roof still.  So, I think the market is starting to slow.  

There are pockets of Georgetown as well, such as Delrex, where the older bungalows, older detached, they were selling for around a million.  You'd list at $950k, you'd get around $1M. But now I'm finding they're listing for $950k and they're selling for say $975k. The offer date comes along and there are no offers. So they relist it a little bit lower. So it's not like it was - it's kind of starting to shift. And if it starts to shift in those little areas, then it's going to start to eventually shift into the bigger areas, like the acreage, etc.  But that's just lagging a little bit behind for now. And I think it happened organically, to be honest.  I think the stress test has something to do with it, but organically, I think the prices just got so high that people got priced out. Simple as that. Just priced out of the market. They just couldn't afford it. When that happens, there's pressure on pricing to come down a little bit. Some people have said about the stress test, "Oh, it won't affect us because that only affects first-time buyers."  But you've got to remember that it filters through.  If the condo seller can't sell to the first time buyer because they can't qualify anymore then he can't move up to the townhouse. And then the townhouse seller can't sell. So he can't move up to the semi, and then the detached - it just keeps going.  So it will take a little bit of an effect.  I've got the feeling we're going to be hitting a bit of a slow patch for a while. But you know, think of the bright side - if you're a seller right now, your house has gone up by $200-$300k in the past six or seven month, which is insane. So that's fantastic.

So, getting to the sales for Milton, Georgetown and Glen Williams. I'll do Milton first. Sales are still brisk in some areas like I was saying. 15 sales of semis $932k on average, 20 sales of townhouses $880k on average. Detached 20 sales $1.315M on average. So, they're not going as high, since they're kind of maxed out. You know what I mean? I think they're maxed out for now. And old Milton is still selling well because people want land, property, that's the thing. People don't want to move from a subdivision home to another subdivision home unless that move is spectacular in some way in - other words, bigger property. That's what everybody seems to want. 

Let me get to Georgetown and Glen Williams. There are a lot of ravine properties in Georgetown. That's why a lot of them are still selling very, very well. When you get out of Glen Williams and you get to the rural Halton areas - Limehouse, etc, sales are still great because the acreage -the frontage, the depth that's what everybody wants. So 13 sales of detached $1.255M on average, 1 semi at $785k and 3 townhouses at $863k. So sales are still good in Georgetown. But as I was mentioning, they're slowing just a little bit in areas and eventually you know when those areas slow then it affects everybody - it just takes time to filter through. 

And remember, you're not going to hear it in the media because the media is always behind. They analyze sales at the end of the month - they get their sales sent to them. So they're a month behind. When the market starts to shift like it did in 2017, it can shift very rapidly. And I remember 2017 well, the end of March - the taps just turned off completely. And I hope we don't get it again right now. I don't think we will, but you can definitely feel it starting to slow in certain areas. 

Anyways, that's my update. I'm going to do one again next week as I always do. And any questions, you know, shoot me an email. Email, DM, PM whatever you want. Hey, pick up the phone and call me! That'd be kinda neat. Wouldn't it?