Oakville's residential real estate market update for March 2022 shows that residential prices are slightly below February's highs, except for condominium apartments, which year over year rose over 33 per cent to $850,000. Apartments were trailing behind other forms of residents in Oakville; that trend has changed.
"Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year," said TRREB Chief Market Analyst Jason Mercer.
"If this trend continues, it is possible that the pace of price growth could moderate as we move through the year."
GTA Update
Across the GTA, owners sold 10,955 (or 4,673 fewer properties) in March 2022 than during March 2021, a 29.9% decrease. From 2021 to 2022, GTA property values increased by 18.4% to $1.29 million, up $202,543 from March 2021 but slightly off the high recorded in February 2022 of $1.3 million.
Oakville Update
During the last month, sellers in Oakville listed 728 properties and sold 405 properties. Since February, monthly inventory grew by 0.1 to 0.8 but is still very tight. The average residential property sold for $1.85 million, and a sale took 12 days which is four days more than in February 2022.
Even with inventory increasing in March, the demand still resulted in multiple offers, which pushed the selling prices to 108% of listed prices, down four percentage points from the previous month.
Inventory has trended upwards, which is expected in March, but the demand outstrips available properties.
Year-over-year home prices
A typical residential property in Oakville is now going for $1.595 million, which has increased by 30.79 per cent since March 2021. An average detached home price is $1.9 million, an increase of 28.9 per cent.
An attached home is $1.41 million, up 33.27 per cent from a year ago, a townhouse will run you 28.66 per cent more at $1.05 million, and a condominium apartment costs $850,000 - up 30.88 per cent.
Statistics for January 2022 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 231 | $2,060,000.00 | 106% | 11 |
| Semi-Detached | 20 | $1,395,000.00 | 117% | 7 |
| Link | 3 | $1,515,000.00 | 123% | 4 |
| Condo Apartment | 54 | $800,000.00 | 106% | 10 |
| Condo Town House | 28 | $941,000.00 | 113% | 9 |
| Freehold- Town House | 69 | $1,382,000.00 | 113% | 7 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
Anecdotally, realtors have reported sales in the last week of March have declined. One realtor confided, "houses that were seeing several multiple offers just a few weeks earlier are seeing far fewer, and some are not receiving any offers."
TREB response to governments tackling of housing supply
“Government initiatives intended to artificially suppress demand are aiming at the wrong target. Past demand-focused government actions have clearly not had the desired effect. Unfortunately, the federal government appears poised to repeat the same mistake by focusing on banning foreign buyers who continue to be a small slice of the overall market, said TRREB President Kevin Crigger.
"It is important that governments do the right thing by implementing proven evidence-based measures that deal with the real problems, and not be distracted by what is popular. There is also a potential unintended consequence that this move could dissuade immigration to Canada. The population of the Greater Golden Horseshoe doesn’t grow, on net, without immigration. Population growth is required to sustain continued economic growth,” added Crigger.