In June 2021, buyers pushed prices up 103 percent above the listed prices, as inventory continued to constrict to just 1.1 months.
The typical home in Oakville now sits at a staggering $1,243,400, an annual increase of over 24 percent. Bidding wars appear to be the norm in 2021, so far.
"With sales still outpacing listings and with the growth of prices by around 25 percent for both single-family homes and condominiums, it continues to signal the need for a shift to more affordable housing. This remains an issue throughout the real estate sector in Ontario," said OMDREB President Lynn Hoffmann.
Residential sales across the GTA saw property owners selling 11,106 properties or 2,461 more during June 2021 than during June 2020, a 28.5 percent increase. The negative impact of the pandemic on real estate sales during June 2020 was starting to lessen significantly.
GTA's residential property values from June 2020 to June 2021 recorded a double-digit increase of 17 percent. The average property price in June 2021 dropped slightly (1.7 percent) from May 2021 to $1,089,536.
"We have seen market activity transition from a record pace to a robust pace over the last three months. While this could provide some relief for homebuyers in the near term, a resumption of population growth based on immigration is only months away," said TRREB President Kevin Crigger.
During the month, sellers in Oakville listed 526 properties and sold 386 properties sold, leaving 1.1 months of inventory down 0.1 from May 2021.
The typical residential property sold for $1.275 million and a sale took, on average, 16 days. For another month, constricting inventory and strong demand resulted in multiple offers, which pushed prices 103% above the listed prices.
Year-over-year home prices
An average residential property in Oakville is now going for $1,243,400, which has increased by 24.21 percent since June 2020. An average detached home price is $1,493,000, an increase of 25.58 percent.
An attached home is $1,078,200 million up 29.55 percent, a townhouse will run you 21.68 percent more at $814,400, and a condominium apartment costs $566,200 - up 8.27 percent.
Statistics for June 2021 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 212 | $1,663,736.00 | 103% | 12 |
| Semi-Detached | 11 | $1,150,000.00 | 110% | 6 |
| Link | 3 | $1,180,000.00 | 115% | 6 |
| Condo Apartement | 53 | $620,000.00 | 100% | 15 |
| Condo Town House | 40 | $728,000.00 | 105% | 11 |
| Freehold- Town House | 68 | $1,062,500.00 | 104% | 11 |
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 July 11, 2021, on Realtor.ca, here are the most affordable listings according to the type of residence: apartment, townhome, and detached home.
- $395K for a bachelor, one bath condo apartment in Kerr Village
- $599K for three bedrooms, two bath condo townhome in Falgarwood
- $999K for three bedrooms, three bath condo detached home in Clearview
Affordability is increasingly a problem in Oakville, as it becomes more difficult for first-time homebuyers to get a foothold in the Oakville real estate market.