The Georgetown & Halton Hills home buying Guide 2021

Everything you need to know before when looking for a house in Halton Hills, Georgetown & Action

Buying a home can be a truly daunting task. In Halton Hills, where prices are high and still rising, it requires that many prospective homeowners sink their entire life savings into a single purchase—one that also happens to be the place they plan to live.

For many buyers, particularly those who have never owned property before, pricing isn’t the only stumbling block standing in the way of a purchase. There are also questions of where to start looking, what price range to consider, and how to obtain a loan.

This guide will give enough information to get you started on your search.

How much do homes cost in Halton Hills?

According to the Toronto Regional Real Estate Board (TREB), Georgetown‘s median price was $1,063,000 for a single-family home in March 2021, the Median Price for a Detached Home is $1,373,501. the median price for a Semi-Detached home is $812,250 and an Attached / Townhouse or Rowhouse is $805,000 (median price)

But prices are very neighborhood-dependent. In some parts of Halton, that amount of money could go much further; in others, you’d be lucky to get a tiny home.

Why is it so expensive?

The cost of buying has been steadily rising, and homes are now pricier than they were even in the housing bubble. Real estate experts blame a variety of factors for GTA’s high home prices, including the area’s persistent desirability among well-heeled buyers and a dearth of new construction to satisfy buyer demand.

What kinds of homes can I buy in Halton Hills, Georgetown & Acton?

Halton Hills is famous for its single-family residences, but those aren’t the only types of homes available. As local leaders focus on developing housing around transit, the city’s housing types could grow even more diverse.

Single-family homes: Your classic style house that sits by itself on its own plot of land (swimming pool optional).

Townhomes: Generally attached to neighboring units, these offer the space and feel of single-family homes, but they function more like condos. Residents share ownership of the land around the homes and pay monthly homeowner dues.

Condos: Condos are basically apartments that you can buy instead of lease. Unlike single-family homes, a condo building and the land beneath it are co-owned by everyone in the complex who has purchased a unit.

How much of a Downpayment is needed to buy a house in Georgetown ?

So, how much is a down payment on a Georgetown house, anyway? The purchasing process usually starts years before the actual purchase, because that’s how long it can take to save up for a down payment, depending on where you’re planning to buy a home, your income, and your expenses.

According to the latest data from the TREB, the median home price in Halton Hills in March 2021 was $1,063,000. At this price, the minimum 5% down payment on a house will be $53,150. A 2per-cent down payment – the minimum amount needed to avoid paying mortgage loan insurance – is $212,600. Think about that. How long do you think it would take you to save $218K?

Georgetown & Halton Hills Affordability 

When shopping for a home in Georgetown, Acton or Halton Hills, it’s important to determine the maximum mortgage and home price you can qualify for. Mortgage affordability refers to how much you can afford to borrow from a mortgage provider – your maximum affordability is simply the maximum amount that you can borrow. To determine your maximum affordability, lenders take several factors into account. The two primary factors that will be considered are: Your Down Payment and Your debt service ratios (DSR), income vs debt obligations

Here’s a great Mortgage Affordability Calculator:


Recent GTA Statistics 

For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.

GTA REALTORS® reported 15,652 sales in March 2021 – close to double that of March 2020. While sales were strong, it is important to remember that for the second half of March we are comparing against the initial impact of COVID-19 in the second half of March 2020 when sales activity dropped off dramatically. With this in mind, it is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and COVID period (March 15 to 31, 2020):

– There were 6,504 sales reported during the first 14 days of March 2021 – up 41 per cent compared to the pre- COVID period in March 2020.

– There were 9,148 sales reported between March 15th and March 31st 2021, an increase of 174 per cent compared to the COVID period of March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago.

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If you’re looking to sell your home, it’s crucial to get the price right. This can be a tricky task, but fortunately, you don’t have to do it alone. By seeking out expert advice from a seasoned real estate agent like Tony Sousa from the Team, you can get the guidance you need to determine the perfect price for your property. With Tony’s extensive experience in the industry, he knows exactly what factors to consider when pricing a home, and he’ll work closely with you to ensure that you get the best possible outcome. So why leave your home’s value up to chance? Contact Tony today to get started on the path to a successful home sale.

Tony Sousa

Guaranteed! Your Home SOLD or I’ll Buy It

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