Halton experienced a significant increase in new home construction in 2024, even as issues around housing affordability and rental availability continue.

According to the Region’s 2024 State of Housing Report, a total of 5,423 new housing units were completed last year — a 44.9% rise from 3,743 units in 2023. A large majority (83%) of these were higher-density dwellings, such as townhouses and apartment buildings, while the remaining 17% were single- or semi-detached homes.

An additional 12,709 homes were either under construction or in the early stages of development.

The report also highlights that 3,118 new homes were sold in 2024, based on MPAC data — most of them apartments. Of these, 40.7% were sold at or below the province’s affordability thresholds, exceeding the Region’s 30% target. These affordability benchmarks vary by municipality:

Oakville: $564,100

Halton Hills: $535,400

Milton: $524,600

Burlington: $474,300

The average sale price for affordable units was approximately $471,120. Meanwhile, the average price for all new home sales stood at $752,727, and resale homes averaged $1.23 million — primarily detached and semi-detached properties.

In the rental market, the vacancy rate rose to 2.3% in 2024 (up from 1.6% in 2023), but it remains below the 3% threshold typically viewed as a healthy balance. Average monthly rent for purpose-built rental units — totaling 16,870 across the region — increased by nearly 10%, reaching just under $2,000.

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