Oakville's residential real estate market update for August 2022 shows that almost all the gains seen by homeowners over the past 12 months have been erased, except apartments which have risen by over 10% year-over-year.
The average price for an Oakville residential property was $1.37 million in August.
As was predicted, the Bank of Canada raised its prime lending rate by 75 basis points to 3.25%. However, the banks had already built that increase into their mortgages, leaving five and ten-year mortgage rates the same or up by a fraction.
The federal bank uses the Consumer Price Index, which, as of July 2021, has increased year over year by 7.6%, a drop of 0.5% from the previous month.
"There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front," said TRREB Chief Market Analyst Jason Mercer.
GTA Update
Across the GTA, owners sold 5,627 (or 2,922 fewer properties) in August 2022 than during August 2021, a 34% decrease. GTA property values increased by 0.8% to $1.079 million. In comparison, from August 2020 to 2021, prices rose 12%.
Oakville Update
During the last month, sellers in Oakville listed 339 properties and sold 167 properties. Available inventory expanded to 1.3 months, a steady increase from the previous month.
The average residential property sold for $1.58 million; a sale took 42 days. The days on the market (DOM) increased by over ten days.
Even with a decrease in activity and an increase in the number of days a property is listed, purchasers, on average, are paying 95% of the listed price, a drop of 2% from the previous month.
"We're in the middle of a transition where some buyers have momentarily stepped out of the market to reassess their positions while others are still negotiating with sellers to meet within the limits of their revised affordability," says OMDREB President Vishal Kapoor.
Year-over-year home prices
A typical residential property in Oakville is now going for $1,347,900, which has increased by 1.4% since August 2021. An average detached home price is $1.728 million, an increase of 1.38%.
An attached home is $1,111,200, up 0.83% from a year ago, a townhouse will run you 3.24% more at $839,900, and a condominium apartment costs $698,900 - up 10.23% from last year.
Statistics for August 2022 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 81 | $1,700,000.00 | 94% | 29 |
| Semi-Detached | 9 | $1,100,000.00 | 96% | 32 |
| Link | 1 | $980,000.00 | 100% | 2 |
| Condo Apartment | 25 | $687,000.00 | 95% | 39 |
| Town House - Condo | 14 | $702,500.00 | 98% | 29 |
| Town House - Freehold | 36 | $1,035,000.00 | 96% | 18 |
| Co-op Apartment | 1 | $519,900.00 | 87% | 21 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
According to RATESDOTCA, the best 5-year fixed-rate insured mortgage is 4.29%, with no change from July real estate update. However, a 10-year fixed-rate is available at 5.10%, up 0.12%
On Realtor.ca, as of Aug. 19, 2022, the least expensive properties for sale according to the number of bedrooms
- 1 bed 1 bath condo apartment in Palermo listed for $549,900
- 2 bed 2 bath apartment in Kerr Village listed for $529,000
- 3 bed 2 bath apartment in Kerr Village listed for $439,000
- 4 bed 2 bath stacked townhome in Falgarwood listed for $580,000