Oakville's residential real estate market update for February 2022 shows that an average detached home will cost buyers $2.2 million, and they'll have to move fast, taking just seven days to sell.
"Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm," said TRREB President Kevin Crigger.
GTA Update
Across the GTA, owners sold 9,097 (or 1,832 fewer properties) in February 2022 than during February 2021, a 16.7% decrease. From 2021 to 2022, GTA property values increased by 27.7% to $1.33 million, up $289,587 from February 2021.
Oakville Update
During the last month, sellers in Oakville listed 503 properties and sold 307 properties, but overall, inventory remained unchanged from the previous month at 0.7th of a month. The average residential property sold for $1.768 million, and a sale took eight days which is seven days less than in January 2022.
Even with inventory increasing in February, the demand still resulted in multiple offers, which pushed the selling prices to 113% of listed prices, up several percentage points from the previous month.
Inventory has trended upwards, which is expected in February, but the demand continues to outstrip available properties.
Year-over-year home prices
A typical residential property in Oakville is now going for $1.62 million, which has increased by 32.53 per cent since February 2021. An average detached home price is $1.952 million, an increase of 31.95 per cent.
An attached home is $1.44 million, up 36.27 per cent from a year ago, a townhouse will run you 30.27 per cent more at $1.09 million, and a condominium apartment costs $809,200 - up 26.99 per cent.
Statistics for January 2022 Oakville residential real estate
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
As of March 4, 2022, on Realtor.ca, there were 287 available properties for sale which doesn't include building lots.
The least expensive properties for sale:
- Condo Apartment - $549,888 - one bed/one bath in Oak Park
- Condo Townhouse - $789,000 - three bed/three bath in Falgarwood
- Semi-detached - $899,900 - four bed/two bath in College Park - renovator opportunity
- Detached - $999,000 - three bed/two bath in College Park
The Bank of Canada increased the interest rates by 0.5 per cent, which lenders passed directly onto consumers If you have a variable rate mortgage of 2 per cent, it just increased to 2.5 per cent, so your monthly payment of $1,000 just increased significantly. This will impact buyers' decisions, but most homeowners with a fixed mortgage will not realize this until their mortgage renews.
-
1
Kara Eads
February 2021 Oakville Real Estate Update
As Oakville enters the spring real estate season, it is hard to imagine how much further buyers are capable of extending their credit. However, there is only 1.6 months of inventory; the average home is selling in 16 days at 106% of the listed price.
-
2
Photo by <a href="https://unsplash.com/@jawfox_photography?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Alexander Jawfox</a> on <a href="https://unsplash.com/s/photos/suburb-snow?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Unsplash</a>
January 2022 Oakville real estate update
According to Invest Oakville, the average household income in 2020 was $192,500. Even with that income, a family could not afford a typical detached home now just under $2 million if they put 20% down.
