In July 2021, buyers pushed prices up 101 percent above the listed prices as inventory continued to constrict to a single month. The average residential property in Oakville now sits at a staggering $1,242,100, a year-to-date increase of 21 percent. Sale prices were slightly lower than June 2021, and the number of days a property took to sell rose slightly to 18 days.
“With the long documented absence of additional inventory available for purchase, market conditions for first-time buyers, newcomers to the area, or those looking to invest are still extremely tight," said OMDREB President Lynn Hoffmann.
Residential sales across the GTA saw property owners selling 9,390 properties or 1,643 less in July 2021 than during July 2020, a 14.9 percent decrease. This decrease is another reason prices remain high. GTA's residential property values from July 2020 to July 2021 recorded another double-digit increase of 12.5 percent.
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year," stated TREB president Kevin Crigger.
During the month, sellers in Oakville listed 379 properties and sold 323 properties sold, leaving just a month of inventory down 0.1 from June 2021.
The typical residential property sold for $1.218 million, and a sale took, on average, 18 days. For a third month, constricting inventory and strong demand resulted in multiple offers, which pushed prices 101% above the listed prices.
Year-over-year home prices
An average residential property in Oakville is now going for $1,242,100, which has increased by 21.07 percent since July 2020. An average detached home price is $1,479,600, an increase of 21.55 percent.
An attached home is $1,066,00 million up 24.36 percent, a townhouse will run you 17.93 percent more at $827,600, and a condominium apartment costs $688,600 - up 15.17 percent.
Statistics for July 2021 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 168 | $1,623,500.00 | 101% | 14 |
| Semi-Detached | 11 | $1,180,000.00 | 107% | 7 |
| Link | 8 | $1,107,500.00 | 105% | 11 |
| Condo Apartement | 50 | $598,500.00 | 100% | 16 |
| Condo Town House | 34 | $724,500.00 | 104% | 14 |
| Freehold- Town House | 52 | $1,071,000.00 | 103% | 12 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
Current Listings
As of August 11, 2021, on Realtor.ca, here are the most affordable listings according to the number of bedrooms
- $329,900 for one bed, one bath apartment in Kerr Village
- $489,999 for two beds, one bath apartment in Kerr Village
- $549,900 for three beds, two baths apartment in Falgarwood
- $988,800 for four beds, 4 baths townhome in Glenorchy
As we head into the 2020 federal election, the topic of affordability has come to the forefront. Over the past year, homeownership has become even more difficult in Oakville.
Each party has put forward a plan, from halting all foreign buying for the next two years, promising to build significantly more housing to a 20% sales tax on property purchased by non-residents.